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Gazprombank signs Memorandum of Understanding with Eksport Kredit Fonden, Denmark

September 12, Moscow. Gazprombank and Eksport Kredit Fonden, the state export insurance agency of Denmark, signed the Memorandum of Understanding. The Memorandum was signed during the official visit to Russia of Her Majesty Queen Margrethe the 2nd of Denmark.

According to the text of the concluded document Gazprombank will act as a borrowing bank and a bank-guarantor for export loans under EKF insurance coverage. Moreover the Memorandum provides for information exchange and joint elaboration of financing prospects of equipment deliveries from Denmark to the territory of the Russian Federation.

Conclusion of the Memorandum is a logical step of GBP efforts focused on enhancement of the business partnerships with foreign state and private financial institutions and it will promote attraction of international financial resources for supporting and development of Russian enterprises - importers.

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 Eksport Kredit Fonden is the state export insurance agency of Denmark. The most important task of Eksport Kredit Fonden (EKF) is to ensure competitive financial conditions for Danish business and industry in international markets. EKF is the only organisation on the Danish market to offer insurance against the extraordinary risks that are not covered by the private credit insurance market. In connection with Danish exports to expanding markets that are subject to political and commercial uncertainties EKF plays a key role as an insurer of such transactions. On these markets, it is easier for a company to finance export transactions that are covered by an EKF guarantee. EKF thus covers the risk when Danish companies develop new markets.