VEB and CDB agreed on co-financing of projects in Russia

7 november 2016 года
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In the presence of Prime Minister of the Russian Federation Dmitry Medvedev and Premier of the State Council of the People’s Republic of China Li Keqiang, Vnesheconombank and China Development Bank (CDB) signed a framework agreement during the 21st regular meeting of the Russian and Chinese heads of government (St.-Petersburg).


On behalf of Vnesheconombank and CDB, the document was signed by Chairman Sergey Gorkov and Vice Chairman, President Zheng Zhijie, respectively.

In compliance with the framework agreement, Vnesheconombank may borrow from CDB up to RMB 6bn in loans for the term of up to 15 years. The funds are intended for sustainability projects to be delivered in Russia. The parties have identified the following priority investment areas: energy and energy efficiency; transport, industrial and energy infrastructure; and cross-border projects including those in Russia’s Far East.

To quote Sergey Gorkov, “the agreement is unique for the Russian market in that it is the first to provide for, along with credit facilities, project co-financing by Vnesheconombank and our partner – China Development Bank. We see it as another significant milestone in our relations, which will facilitate joint integrated and more flexible solutions to structure and deliver projects in priority areas in Russia.”

China Development Bank has been Vnesheconombank’s strategic partner in the Asian market for more than eleven years. Over the time, VEB and CDB have signed the credit agreements totaling in excess of USD 10bn. Among the Russian financial institutions, VEB remains the CDB’s biggest borrower. With the funds raised from CDB, VEB financed a number of projects in forestry and energy. The Russian and Chinese development institutions closely interact in the SCO and BRICS context.


Press Office
E-mail: press@veb.ru


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