Vnesheconombank and the China Development Bank to Explore the Possibility of Funding the Construction of the Taishet Aluminum Smelter

In the course of the 16^th meeting of the heads of government of the Russian Federation and the Peoples Republic of China in the city of Beijing (China), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China Development Bank (CDB) entered into a Framework Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of CDB – by Executive Vice President Mr. Gao Jian.

Under the Agreement the parties are to explore the possibility of providing credit resources to fund the project aimed at constructing the Taishet Aluminum Smelter in the Irkutsk region with a production capacity of 750 thousand tonnes per year. The project’s initiator is LLC RUSAL Taishet which is a member of OJSC RUSAL Group of Companies. The amount of investments to fund the project is 1.43 billion U.S. dollars. A new high technology production facility will become one of the largest smelters in Siberia. More than 3 thousand jobs are to be created at the production facility.

This project’s implementation would help to advance the aluminum sector in Russia.

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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