3 December 2002
A Memorandum of Agreement was signed between Vneshtorgbank and Bank of China within the framework of Russian President`s official visit to the People`s Republic of China.
The Memorandum outlines the terms and conditions of a USD 200 million credit line to be opened for Vneshtorgbank.
Representing Vneshtorgbank, the Memorandum was signed by Andrey Kostin, President and CEO.
Notably, Vneshtorgbank is gaining stronger recognition in the Asian region, which is evidenced by the Memorandum signed. At present, the Bank`s commitments are accepted by export credit and insurance agencies, as well as by export-import banks of all Russia`s trading partners in the region, such as India, China, South Korea, Vietnam, Malaysia and others.
The mutually reinforcing and rewarding co-operation Vneshtorgbank has successfully been developing with the leading Chinese banks opens a window of opportunity for a more voluminous financing of equipment imports from the People`s Republic of China. The financing will be provided under the Chinese State programme of export support with no guarantees by the Government of the Russian Federation and on most favourable international market terms.
Earlier, in August 2002, in Shanghai, in the framework of the meeting between the heads of the Russian and Chinese governments, a similar loan agreement was signed between Vneshtorgbank and the Industrial and Commercial Bank of China, under which a USD 200 million credit was extended to the Russian counterpart for a ten-year period.
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