In the course of the 20th regular meeting of Russian and Chinese heads of government in Beijing, Vnesheconombank and the China Development Bank (CDB) entered into a credit agreement worth 10 billion yuans.
On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of CDB – by Board Chairman Hu Huaibang.
The agreement provides for extending credit facilities to Vnesheconombank for a period of up to 5 years to fund projects to be implemented in Russia with the participation of Chinese companies as well as projects providing for supplying finished products to China. The parties believe that this would make it possible to expand Russian-Chinese economic cooperation and would give an impetus for enhancing investment and trade relations between the two countries.
CDB is a leading financial institution in the People’s Republic of China. It operates in the form of state-run joint stock company wholly owned by the state. CDB international credit ratings are in line with national sovereign ratings of China: Moody’s – Aa3, Fitch -A+, S&P – AA-. CDB’s main goal is to make Chinese economy more competitive and raise Chinese people’s living standards.
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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