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The Vneshtorgbank develops co-operation with banks of Chinese People's Republic

 
22 July 2004

In May, 2004 the Vneshtorgbank has organized for the client to Khabarovsk financing of the project on construction of the container cargo ship in Chinese People`s Republic for the sum 2,1 million US dollars.

At structurization of the transaction the scheme with discounting the letter of credit exposed by the Vneshtorgbank with the installment plan of payment for the period of 1 year has been used.

The letter of credit is discounted by The Agricultural Bank of China without granting an insurance covering of the state export insurance agency of Chinese People`s Republic SINOSURE. The given operation, despite of the small sum, is important that became the first forfaiting operation of the Vneshtorgbank with the Chinese banks on financing import Chinese People`s Republic.

Successful realization of the given operation once again has confirmed high business reputation of the Vneshtorgbank in the Asian markets, and, in particular, a growing level of trust to the VTB on the part of the Chinese banks. Further use by the Vneshtorgbank of the tools of trading financing standard in the international practice will promote escalating of rates of growth of bilaterial trade between Russia and China.


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