Russia’s State Corporation Bank for Development and Foreign Economic Affairs, known as Vnesheconombank (VEB), is planning to boost its financing for Russian exports to Egypt to US$2 billion, a VEB official announced Tuesday.
According to Daniel Algulyan, the Russian bank’s Director of the Department of Export Financing, VEB Bank has provided finances worth US$800 million for the Russian exports directed to the Egyptian market.
Algulyan further added that VEB Bank is pursuing an Egyptian financial partner, aiming to deepen the trade ties between the two countries and increase the volume of Russian exports to the North African country.
Moreover, Algulyan referred to the importance of deepening direct connection between the Egyptian and Russian banks to facilitate the trade exchange between the two countries.
The Russian government uses VEB to support and develop the Russian economy and to manage Russian state debts and pension funds. It is a part in the government’s plan to diversify the Russian economy, and to do so receives funds directly from the state budget. The bank was instituted in 1922.
