VTB and China Export & Credit Insurance Corporation (SINOSURE) have signed an agreement to work together to promote trade and investment projects between Russia and China.
The agreement was signed on 8 May during a meeting between Russian President Vladimir Putin and Chinese President Xi Jinping by Vasily Titov, First Deputy President and Chairman of VTB Bank Management Board, and Wang Yi, Chairman of the Board of SINOSURE.
The agreement will significantly reduce the risks involved in joint projects and trade contracts between Russia and China, and attract long-term financing using insurance coverage provided by SINOSURE for up to USD 2 billion equivalent. This will make it easier to arrange project financing for projects in infrastructure, mining, agriculture, and the oil and gas and chemical industries as well as other areas of cooperation between Russia and China
Vasily Titov said: “This agreement takes cooperation between VTB and SINOSURE to the next level. The document underscores the importance of joint projects in all areas between China and Russia with support provided by major financial institutions in both countries. ”