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

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 22nd 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 RussiaChina cooperation commercially and economically and to boost interaction across the high technology sectors,” Sergey Gorkov commented after the agreement was officially signed.

The ExportImport 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 Chinas national industrial development and manufacturing policy, to promote Chinas economic interests internationally and to implement the national financial policy to foster exports in sectors such as machine manufacturing, electronics and integrated equipment. The ExportImport 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. 

VEB PRESS OFFICE

SOURCE Vnesheconombank

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About the Author: Carrie Brunner

Carrie Brunner grew up in a small town in northern New Brunswick. She studied chemistry in college, graduated, and married her husband one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children. Carrie writes mostly on provincial stories.
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