Today, on November 9, 2006, in the course of Russian Prime Minister Mikhail Fradkov’s visit to the People’s Republic of China Vnesheconombank and the China State Development Bank signed an Agreement on Opening a Credit Line worth 500 million US dollars
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and China State Development Bank President Chang Yuan.
Under the Agreement the China State Development Bank is to open a credit line worth 500 million US dollars for Vnesheconombank. The funds to be made available will be used to finance bilateral and multilateral projects in the export-oriented industries of the Russian economy including mechanical engineering and aircraft building as well as projects carried out with the participation of Russian regions’ governments and administrations and within the Shanghai Cooperation Organization.
Under the Agreement and in order to build on the trilateral Agreement made previously between Vnesheconombank, the China State Development Bank and the Government of the Chechen Republic, the two sides agreed upon financing the project to install and commission refrigeration equipment with the capacity of 200 tons. The Project is to be carried out on the territory of the Chechen Republic.
Earlier, Vnesheconombank and the China State Development Bank signed a number of agreements for the total amount of 1 billion US dollars. Out of these funds 300 million US dollars and 212 million US dollars were invested in the Russian economy and were used to finance the supplies of Russian machinery and equipment from Russia to China. 500 million dollars are planned to be used to finance investment projects carried out with the participation of Russian industrial companies as well as projects in the Russian regions.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93
Fax: + 7 (495) 975-21-34
E-mail: press@veb.ru
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