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Russian Vnesheconombank and Korean KDB sign agreement on $1bn financial borrowing

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Russian Vnesheconombank and Korean KDB sign agreement on $1bn financial borrowing

The Bank for Development and Foreign Economic Affairs (Vnesheconombank) of Russia and Korean Development Bank (KDB) signed an agreement on financial borrowing amounting up to $1 billion.

This is what the head of the state corporation, Sergey Gorkov, told RIA Novosti today on the sidelines of Davos World Economic Forum.
The deal was concluded on the 30th of December, 2016. According to Sergey Gorkov, Russian Bank for Development and Foreign Economic Affairs has no particular plans for the year 2017 in terms of external and internal financial borrowings.
At the same time, he noted that sometimes the market indicated, when there was a possibility to make funding cheaper. “Since inflation will decrease, money will become cheaper and we will make efforts to reduce the cost of funding,” the top manager explained.

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