VneshTorgBank (VTB) of Russia and JBIC (Japan Bank of International Cooperation) have signed documents in addition to credit agreements concluded between them in 2002. Trend reports referring to a message being spread by the Russian Bank, that the new project will prolong the term on usage of credit within the agreement, as well as enable financing projects connected with Japan goods export not only to Russia, Ukraine, and Belarus, but also to Kazakhstan, Turkmenistan, Azerbaijan, Georgia, and Moldova.
Five years ago, a credit line at 8 bln. Japanese yen considered for financing equipment and non-foods deliveries from Japan to Russia was presented to the Russian Bank. Within the agreement, VTB has already financed some deals of its clients connected with their purchasing woodworking equipment, as well as equipment considered for fiber-optical line installation, and specialized machinery. In addition to exports to Azerbaijan, VTB has also claimed that the Bank has plans to buy an Azerbaijani bank, and has already launched negotiations on this issue. Japan Bank of International Cooperation is a specialized state-controlled bank; with its 100 % belonging to the Japanese Government. According to the amount of its assets, the credit institution takes the 84th place in the World.