Vneshecombank Signs Cooperation Deal with HSBC

Russia’s Vneshecomobank (VEB) and the British HSBC bank have signed a cooperation agreement in London.

The document stipulates opening a E200 million credit line to VEB to fund machinery and equipment exports and imports. VEB chairman Vladimir Dmitriyev cited several projects qualifying for the borrowed funds, such as the delivery of British Rolls Royce engines for Russia’s export-bound TU-204 aircraft. The document does not stipulate government guarantees.