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EBRD signs its first cooperation agreement with two east European export credit agencies
In furthering its assistance to the private sector, the European Bank for Reconstruction and Development (EBRD) signed its first cooperation agreement today with two export credit agencies from one of its countries of operation. The agreement with the Czech Export Bank (CEB) and the Export Guarantee and Insurance Corporation (EGAP) will encourage Czech exporters to take advantage of the opportunities offered by the EBRD in central and eastern Europe and the former Soviet Union.
Jacques de Larosière, President of the EBRD, signed the agreement with Tomáลก Révész, Vice Chairman of the Board and General Manager of CEB and Pavol Parízek, Vice Chairman of the Board and General Manager of EGAP.
Mr de Larosière said: "This lays the foundation for closer cooperation between our institutions, providing support for trade finance and co-financing investment in projects. There is considerable potential to be explored in working together."
Mr Révész said: "This agreement will facilitate the exchange of information between the institutions and provide a framework for project selection, appraisals, processing and management."
Since May 1994, the EBRD has signed similar agreements with export credit agencies in Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, India, Israel, Luxembourg, Malaysia, Mexico, Netherlands, Norway, Spain, Sweden, Switzerland, Turkey and the United Kingdom.
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