China Construction Bank provides $200 million loan to VTB Bank for on-lending purposes
Commitment amount
$ 487212748.07570744
Adjusted commitment amount
$ 487212748.08
Constant 2021 USD
Summary
Funding agency [Type]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
Recipient
Russia
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On May 27, 2003, Vneshtorgbank (VTB Bank) and China Construction Bank (CCB) signed a $200 million, 10-year credit (loan) agreement for on-lending purposes. The agreement was signed by Mr. Andrey Kostin, President and C.E.O., for Vneshtorgbank, and Mr. Enzhao Zhang, President, for China Construction Bank. The borrower was expected to use the loan proceeds to finance the export of Chinese durable goods to Russia. Sinosure provided credit insurance to the borrower.
Additional details
1. VTB Bank is a Russian majority state-owned bank headquartered in various federal districts of Russia; its legal address is registered in St. Petersburg; as of 2022 company's capital stock was mostly owned by three Russian agencies. 2. Prior to the signed of the agreement with CCB, VTB Bank had previously signed similar agreements with the other three largest banks of China.
Number of official sources
2
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Vneshtorgbank (Foreign Trade Bank) [State-owned Bank]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]
Loan Details
Maturity
10 years