Agricultural Bank of China pledges $200 million loan for VTB Bank to finance the export of Chinese goods to Russia
Pledged amount
$ 455530424.3773272
Adjusted pledged amount
$ 455530424.3773272
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Agricultural Bank of China (ABC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On October 14, 2004, Russia's major state-owned bank, Vneshtorgbank (VTB Bank) signed a cooperation agreement with Agricultural Bank of China for a $200 million, 10-year loan. The proceeds of the loan were to be used by the borrower to finance the export of Chinese goods to Russia with credit insurance from Sinsoure
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 signing of this agreement, VTB signed similar agreements with the other three largest banks of China.
Number of official sources
0
Number of total sources
2
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