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VTB and Export-import Bank of China sign a loan agreement

26 March 2007

On 26 March 2007, VTB and Export-import Bank of China signed a loan agreement under which a credit line worth USD 500 million will be extended to VTB to finance Chinese import to Russia, under the coverage of the Chinese export insurance agency SINOSURE, for a 10-year term.

The agreement was signed at the opening ceremony of the Year of China in Russia in the presence of the Russian President Vladimir Putin and President of the People's Republic of China Hu Jintao by Andrey Kostin, Chairman and CEO of VTB, and Li Rougu, Chairman and President of Export-import bank of China.

The agreements achieved will contribute to further cooperation between VTB and financial institutions of China, they will also help build on bilateral relationship between China and Russia, strengthen VTB competitiveness in foreign trade operations and long-term fund raising for the Russian economy.

For reference:

Export-Import Bank of China is one of the three state investment banks of China, focused on financial support of national and regional programmes and plans for development. As of 01.01.2007 paid up capital of the Bank amounted to USD 640.3 million, the Bank's assets are USD 33.1 million, and net profit is USD 11.3 million (according to this bank).
International rating agencies have awarded the Bank the following credit ratings (long-term/short-term): S&P: BBB; A-3; Fitch: А; F1 (according to Bankers' Almanac).

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