VTB Bank and China Development Bank (CDB) have agreed to develop a partnership to support joint projects and Russia-China trade.
First Deputy President and Chairman of the VTB Bank Management Board Vasily Titov and Chairman of the CDB Board Hu Huaibang signed the agreement on 8 May 2015, during a meeting between Russian President Vladimir Putin and Chinese President Xi Jinping.
The banks agreed to cooperate on financing 12 billion yuan of trade flows between Russia and China. VTB and CDB will also take part in developing infrastructure and financing opportunities for the Silk Road Economic Belt and the 21st Century Maritime Silk Road joint economic zones.
Vasily Titov said: "China Development Bank Corporation is a trusted and reliable partner for developing relations between our two countries. The signing of this agreement confirms our intention to do all we can to promote cooperation with China, which is a top priority for VTB.”