Russia’s VEB ramps up business in China

(Trade and Export Finance, Moscow, 14 May 2015) Russian state corporation Vnesheconombank (VEB) has increased business with Chinese institutions by signing a $8 billion framework credit agreement with China Development Bank (CDB) and a credit line agreement with Chinese export credit agency the Export-Import Bank of China (China Exim). Both agreements were signed during a formal visit of Chinese president Xi Jinping to Russia. The credit line signed with China Exim is worth RMB3.9 billion ($630 million) and has a tenor of 15 years. The loan will go towards a project being implemented by the mining and smelting company CHEK-SU VK.