Russian Federation / Facility provided to Alfa-Bank based on 8-point Economic Cooperation Plan

Taking advantage of the opportunity of the 3rd Eastern Economic Forum held in Vladivostok, Russian Federation (Russia), Nippon Export and Investment Insurance (NEXI; Chairman and CEO: Kazuhiko Bando) has decided to provide facility based on the 8-point Economic Cooperation Plan to Joint Stock Company Alfa-Bank (Alfa-Bank), a leading private commercial bank in Russia.

The facility will be provided in the form of loans provided under a line of credit by Sumitomo Mitsui Banking Corporation (SMBC) through Alfa-Bank and made to Japanese companies who wish to expand their business in Russia and local Russian companies. The purpose of the facility is to support business activities of Japanese companies in Russia and also to implement the 8-point Economic Cooperation Plan¹ proposed by the Japanese government to the Russian government. NEXI will provide insurance on the loan made to Alfa-Bank by SMBC.

As a way of enhancing support provided to Russia, NEXI signed a MOU with Alfa-Bank at the time of President Vladimir Putin’s visit to Japan in December 2016, and since has held discussions with Alfa-Bank on how to set up this facility.

As the official export credit agency in Japan, NEXI will continue to support overseas business development of Japanese companies and business transactions between Japan and Russia to strengthen the relations between the two countries.

¹ The 8 points in the economic field on which the Japanese government is proposing cooperation to the Russian government are: 1) Extension of healthy life expectancy, 2) Development of a comfortable, clean and active community, 3) Drastic expansion of interaction and cooperation among SMEs, 4) Energy industry, 5) Improve versatility and productivity in Russian industry, 6) Industrial promotion in the Far East region and promote development as a base for exporting, 7) Cooperation in the field of advanced technology, 8) Drastic expansion in human exchange.