Argentine, Russian banks ink cooperation accord to boost trade

The Bank of the Argentinean Nation (BNA) and Russia's Vnesheconombank Thursday signed an agreement that defines areas of mutual cooperation, the BNA announced here.

Aimed at boosting trade ties between the two countries, the memorandum of understanding (MoU) was signed in Moscow by BNA chief Juan Ignacio Forlon and Vnesheconombank head Vladimir Dimitriev, as part of Argentine President Christina Fernandez' state visit to Russia.

The MoU establishes areas of cooperation, such as the energy sector (including joint projects to modernize thermoelectric power plants in Argentina), chemical industry (including the export of Russian petrochemical products), machinery and equipment, BNA said in a press release.

The document makes it easier for export firms to access long-term financing through the Russian Agency for Export Credit and Investment Insurance, as the Vnesheconombank, founded in 1922, is a wholly state-owned national development bank.

The BNA, meanwhile, "could attract much of the investment flows from Russia and also lend financial help to Argentine companies involved in the projects taking place in our country," the institution said.