On December 16, 2014 Belgazprombank and Commerzbank AG signed the Basic Loan Agreement which gives Belgazprombank an access to long-term financing provided by the German bank under coverage of export credit agencies.
The attracted financing facililites will be used by Belgazprombank to support the purchase by Belarusian companies of industrial equipment, machinery, capital goods, works and services from Germany, France, the Czech Republic and other countries of the European Union.
During the signing ceremony, Sergey Shaban, Deputy Chairman of the Board of Belgazprombank, thanked Commerzbank AG for successful long-term cooperation in trade finance and said that the expansion of cooperation with Commerzbank AG involving new instrument will enhance the opportunities of Belgazprombank to support new projects of the Belarusian companies. He further noted that long-term ECA-covered financing will be an excellent opportunity for the Bank's customers to implement important investment projects. On behalf of Commerzbank AG, Ralph Lerch, Head of Export Finance, expressed confidence that the singing of the agreement will diversify possibilities of both financial institutions to support long-term investment projects of their customers, and will in general promote exports of goods to the Republic of Belarus not only by German manufacturers, but also by manufacturers from other European countries.
Belgazprombank, established in 1990 and controlled by Russia’s Gazprom Group, occupies a leading position in lending to small and medium enterprises.
Commerzbank AG, established in 1870, is at present one of the largest banks in Germany and Europe. The banking group of Commerzbank AG is represented in 50 countries, including Belarus, and renders services to more than 15 million retail customers and more than 1 million corporates. The bank is one of the world’s leaders in performing documentary operations and providing clearing services.
