VTB Bank is ready to consider financial support for exporting Russian vaccines against coronavirus infection to North African countries, Artem Kulik, Head of International Business Relations and Senior Vice President of VTB, said during the Russia-Islamic World: KazanSummit 2021.
"We see that North African countries together with Russian partners are already moving in this direction. We, as a financial institution that lends, gives money for development, are ready to consider financing the purchase of Russian vaccines, as well as financing the construction of production of such vaccines abroad with the support of export credit agencies," said Kulik.
The bank noted that VTB is already working with a number of credit institutions in North Africa in the framework of inter-bank cooperation in two main areas: the establishment of settlement infrastructure, as well as documentary transactions and trade finance transactions, including the issue of letters of credit, guarantees for importers and exporters of various products.
"VTB Bank's portfolio of trade finance transactions in the energy, machine-building and some other sectors exceeds half a billion dollars. These mainly deal to support Russian exports. We are also involved in operations to finance grain exports to North African countries such as Egypt. We have already discounted and confirmed letters of credit worth more than $100 million," said the top manager of the bank.
GSV "Russia - Islamic World"
Photo: sputnikvaccine.com
Based on materials from TASS