VTB and Export-Import Bank of China signed a cooperation agreement on the 13th of October, 2014 during the 19th regular Heads of Government meeting between Russia and China.
The agreement was signed by Andrey Kostin, President and Chairman of VTB Bank Management Board, and Yuan Xingyong, Vice President of Export-Import Bank of China, at a ceremony attended by Russian Prime Minister Dmitry Medvedev and Chinese Premier Li Keqiang.
Under the agreement, the parties plan to work together to support business ties between Russian and Chinese companies. Among other terms, VTB will be granted a credit line for the equivalent of up to USD 2 billion in RMB or RUB to finance imports of a wide range of products from China, from foodstuffs to hi-tech equipment.
The Export-Import Bank of China is a government policy bank engaged in promoting and financing export of Chinese goods and services.
JSC VTB Bank and Export-Import Bank of China have a successful cooperation history. Under the agreement signed between banks on 26 March 2007 funds were raised to finance projects in telecommunications, energy, supplies of equipment for oil industry, as well as a number of large projects in the construction of housing and infrastructure facilities by Chinese contractors.