Overview

Agricultural Bank of China pledges $200 million loan for VTB Bank to finance the export of Chinese goods to Russia

Commitments (Constant USD, 2023)$420,747,260

Commitment Year•2004Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2004

Last repayment (originally scheduled): Sep 29, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Agricultural Bank of China (ABC)

Receiving agencies

State-owned Banks

Vneshtorgbank (Foreign Trade Bank)

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

Agricultural Bank of China pledges $200 million loan for VTB Bank to finance the export of Chinese goods to Russia

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

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

Staff comments

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.