Washington, Sept 28: United States has announced its plans expand its Exim Bank's activities in Russia by establishing a long-term collaboration with Russian Vnesheconom Bank to facilitate exports in capital goods and services to third countries. A statement issued after talks between US President George W Bush and his Russian counterpart Vladimir Putin said the US Exim Bank and the Russian Vnesheconom Bank -- the state bank for foreign economic activities (VEB) -- will develop closer cooperation by exchanging information on potential projects in third countries.
The two banks would also explore opportunities under each party's trade and project finance programs and identify strategic sectors such as oil and gas, telecommunications energy and mining, it said.
An agreement to this effect was signed by the Exim Bank and VEB on Friday, it said.
The Exim Bank has been working to expand the scope of its financing activities to help US businesses take advantage of Russia's current economic expansion and growth.
The Exim Bank and VEB had financed over 30 individual transactions in excess of USD one billion supporting US exports across various sectors, including aerospace, medicine, agriculture and mining, it said. Bureau Report