VEB and China Exim Bank Sign Line of Credit Framework Agreement to Co-invest up to 3 Billion US Dollars to Finance Russian Infrastructure and Innovation Projects

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Nov 01, 2017, 03:45 ET

MOSCOW, November 1, 2017 /PRNewswire/ --

Vnesheconombank and the Export - Import Bank of China signed a framework line of credit agreement in Beijing. The amount to be financed under the CNY agreement will be up to three billion US dollars.

The agreement was officially signed in the presence of Dmitry Medvedev, Chairman of the Russian Government, and Li Keqiang, Premier of the State Council of the People's Republic of China. The agreement was signed on the margins of the 22^nd Meeting of Prime Ministers of Russia and China by VEB Chairperson Sergey Gorkov on the part of VEB and by Chairperson Hu Xiaolian on the part of the Export-Import Bank of China.

The Agreement provides for long-term lending to finance Russian projects in the area of infrastructure and high technology as well as knowledge intensive and innovative projects being launched in Russia, including the projects creating synergies in the context of the EAEU integration initiatives and China's The Belt and Road Initiative.

"VEB and China Exim Bank have been working together over a large span of time, and we have achieved great outcomes. With the new agreement signed today, we will be able to expand Russia-China cooperation commercially and economically and to boost interaction across the high technology sectors," Sergey Gorkov commented after the agreement was officially signed.

The Export-Import Bank of China (China Exim Bank) was founded in 1994. It is a state bank solely owned by the Chinese government and under the direct leadership of the State Council. China Exim Bank headquarters are based in Beijing.

The mission of China Exim Bank is to put into action China's national industrial development and manufacturing policy, to promote China's economic interests internationally and to implement the national financial policy to foster exports in sectors such as machine manufacturing, electronics and integrated equipment. The Export-Import Bank of China is also tasked to develop viable businesses that will act as project contractors and investors abroad, and to encourage international ties and commercial and economic cooperation.