On 21 March 2006, a Memorandum of Understanding to finance construction of "Moscow" business center in Astana, Kazakhstan, was signed between Vneshtorgbank and Eximbank of China during a visit by the Russian President Vladimir Putin to the People`s Republic of China on the occasion of launching the "Year of Russia in China".
The Memorandum was signed by Andrey Kostin, Chairman and CEO of Vneshtorgbank, and Li Ruogu, Chairman and President of Eximbank of China.
A 8-year credit facility to be made by the Chinese counterparty will amount to US$55 million.
Funding will be given to Vneshtorgbank under the Master Credit Agreement signed between Vneshtorgbank and Eximbank of China in December 2002.
This transaction is the first joint project of Vneshtorgbank to be implemented with Chinese financial institutions outside Russia and China.
Earlier deals executed under the Master Credit Agreement were aimed at financing imports of Chinese telecommunication equipment intended for VTB`s domestic customers.