Project ID: 42966

CDB provides $300 million credit facility to VEB for export of high-tech Russian goods (Linked with Project ID#42965)

Commitment amount

$ 651070004.8842448

Adjusted commitment amount

$ 651070004.88

Constant 2021 USD

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Recipient

Russia

Sector

Communications (Code: 220)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

No

Category

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2005-11-03

Geography

Description

On November 3, 2005, Vnesheconombank signed a $300 million credit facility (line of credit) agreement with China Development Bank (CDB). The agreement with CDB was signed to build upon a quadrilateral cooperation agreement between Vnesheconombank, Roseximbank, Sinosure, and CDB. The funds received by Vnesheconombank were use to provide pre-export financing to Russian exporters of high-tech goods to Chinese buyers (importers).

Additional details

1. Vnesheconombank (VEB) is a Russian state development corporation. 2. The November 3, 2005 agreement was facilitated by an earlier, $212 million credit facility agreement with CDB, which was signed in March 2005 (as captured via Project ID#42965).

Number of official sources

1

Number of total sources

3

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Details

Cofinanced

No

Direct receiving agencies [Type]

Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]

Implementing agencies [Type]

Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]

Insurance provider [Type]

China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]

Loan Details

Bilateral loan

Inter-bank loan

Pre-export financing or Commodity prepayment financing