State corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and a pool of Chinese commercial banks signed a cooperation agreement at INNOPROM-2016 International Industrial Trade Fair in the course of the third Russia-China EXPO in Yekaterinburg.
In accordance with the Agreement, Vnesheconombank may raise a 3-year syndicated loanfrom a pool of Chinese commercial banks with a 3-year extension option. The Harbin Bank will act as the Coordinator of the syndicated loan.
The funds can be used to finance Vnesheconombank’s ongoing investment projects irrespective of their Chinese factor (content).
Vnesheconombank’s completing the deal may become a significant milestone in the strategy aimed at building up relationships with Chinese agency banks, primarily, the private ones. Furthermore, it will open up new opportunities for raising mid-term funding abroad in one of the reserve currencies with a view to increasing amounts and extending maturities of such transactions under sanctions.
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