OREANDA-NEWS. December 06, 2013. The loan of USD 82.8 million will be provided to Sberbank of Russia by a syndicate formed by Sberbank Hungary and Export-Import Bank of Hungary as Lenders under cover of Hungarian official export credit agency MEHIB for financing of supplies of equipment by GE Hungary to JSC Quadra Generating Company (Russia).

During the ceremony of signing of Commemorative Certificate for the deal in Budapest Andrey Ivanov, Global Head of Trade Finance and Correspondent Banking of Sberbank, stated:

This pilot deal with Hungarian Eximbank and MEHIB has become an important and logical step in development of synergies throughout international Sberbank Group and expansion of our business in the Central and Eastern Europe and, in particular, in Hungary. I am happy that together with our colleagues from Sberbank Hungary, Eximbank and MEHIB we have managed to set up an efficient financing scheme for this deal which we believe can be replicated widely to the benefit of supporting Hungarian exports to Russia and other countries of our presence.

Viktor Nagy, Deputy CEO of EXIM elaborated:

The cooperation with Sberbank Group and its Hungarian subsidiary has a significant importance for the Hungarian Export-Import Bank and MEHIB. This buyers credit financing of GE is the first visible result of this mutually beneficial collaboration. Another important achievement is, that as a result of several successful negotiations we are able to further expand our cooperation and new financing opportunities for Hungarian exporters are created towards Russia in the near future.