In the course of Russian President Vladimir Putin’s formal visit to China, institutions comprising Vnesheconombank Group entered into the following agreements:
- Vnesheconombank and the Export-Import Bank of China (Eximbank) entered into a Memorandum of Understanding. The parties intend to participate in implementing a project «Comprehensive Development of the Bystrinsky Iron-Oxide-Copper-Gold Ore Deposit in the Zabaikalye Territory» as part of which there are plans to raise funds of Chinese financing institutions. The project provides for the construction of four open pits as well as an ore mining and processing integrated plant with a processing capacity of 10 million tons of ore per year with producing copper, gold and magnetite concentrates and for launching required transport and engineering assets;
- Vnesheconombank, the Russian Direct Investment Fund (VEB Group), the Silk Road Fund entered into an agreement on cooperation. A signing ceremony was held in the presence of Russian President Vladimir Putin and PRC President Xi Jinping. The parties are also interested to make joint efforts to search for investment projects in infrastructure, energy efficiency, power engineering and industrial production;
The Silk Road Fund is an investment fund with mid- and long-term investment strategy, with assets under management being $40 billion. It was set up in Beijing in December of 2014. The Fund makes foreign investments through providing equity and debt financing. The Fund focuses on projects in infrastructure, power engineering, development of industrial production and financial cooperation that are of overriding importance for connecting China’s economy with the rest of the world.
- Vnesheconombank, JSC the Russian Export Center (VEB Group), the leadership of Chinese People’s Guangdong Province and Sinotrans & CSC Group entered into a Memorandum of Understanding. The signing ceremony was held in the presence of Russian President Vladimir Putin and PRC President Xi Jinping. Under the Memorandum, it is planned to set up a trade and finance platform in South-East China in the city of Shilong of Guangdong Province in order to enhance trade relations between the countries and promote Russian exports to Asian countries.
Vnesheconombank Chairman Vladimir Putin participated in the Russian-Chinese summit talks and in the meeting of executives of the largest companies as part of the Russian-Chinese Business Council and he held a bilateral meeting with President of the China Eximbank Ms Hu Xiaolian.
Petr Fradkov: “Since VEB started to cooperate with PRC in 2005, our Bank has received credits for a total amount of $10.7 billion. Now we are glad to state that our financial interaction is on the rise. VEB has already signed framework agreements with CDB and the China Eximbank. We also intend to join forces to search for attractive investment projects both with our Chinese partners and Russian companies”.
Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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