DBRB, Commerzbank AG sign export financing agreement

MINSK, 29 October (BelTA) - The Development Bank of the Republic of Belarus (DBRB) and German Commerzbank AG signed a framework export financing agreement, BelTA learned from the DBRB press service.

The ceremony to sign the framework export financing agreement between the Development Bank of the Republic of Belarus and Commerzbank AG was held in Berlin on 28 October within the framework of the Day of Belarusian Economy business forum. The document defines the main terms of financing the export of capital goods (equipment and services) from Germany under the insurance coverage of Euler Hermes.

On behalf of the Development Bank of the Republic of Belarus the agreement was signed by Chairman of the Board Sergei Rumas, on behalf of Commerzbank AG – by Per Fischer, the Head of Financial Institutions CEE, Russia, Senior Managing Director, and Jochen Anton-Boicuk, Senior Vice President, Structured Export and Trade Finance.

The conclusion of the framework agreement with Commerzbank AG is due to the increasing demand of Belarusian companies for modern high-tech equipment from the countries of Western Europe and especially Germany with the aim of modernizing production facilities,” said the DBRB press service.

OAO Development Bank of the Republic of Belarus was created in 2011 by the relevant presidential decree. The bank is designed to focus on financing government programs and socially important investment projects. The founders are the Council of Ministers and the National Bank of the Republic of Belarus.

Commerzbank AG was founded in 1870 as a bank specializing in financial services for small and medium-sized businesses and large corporate clients. Today the Bank is a leading German universal commercial bank, working with companies from the countries of Central and Eastern Europe (customer base in the region us about 4 million).