On 18 March, VTB Bank and EXIM Bank of China signed a loan agreement according to which VTB raised USD 240 million for a 7-year period.
For VTB the agreement was signed by Olga Dergunova, VTB Member of the Management Board, and for EXIM Bank - by Zhu Xinqiang, EXIM Bank Assistant President.
Under the agreement, VTB Bank will provide funds to JSC VTB-Leasing, VTB subsidiary, to refinance expenses to purchase 30 oil derricks made in China and for further leasing.
According to Olga Dergunova, VTB Member of the Management Board: "This agreement is special since in the current unstable environment VTB Group raised financing for such a long period. Besides, the funds are allocated for refinancing the expenses incurred by VTB-Leasing earlier, so it is a unique transaction for EXIM Bank".
The loan was granted to VTB Bank in compliance with the current Master Agreement signed with EXIM Bank of China in 2007 and aimed at developing bilateral interbank relationships, increasing Russia and China trade turnover, and enhancing operations on financing Russian import and services from China.