Overview

ICBC provides $200 million export buyer's credit for VTB Bank for various purposes (Linked to Record ID#43020)

Commitments (Constant USD, 2023)$461,717,059

Commitment Year•2002Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 1, 2002

Last repayment (originally scheduled): Jul 29, 2012

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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned Banks

VTB Bank

Implementing agencies

State-owned Banks

VTB Bank

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

ICBC provides $200 million export buyer's credit for VTB Bank for various purposes

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

On August 22, 2002, the Industrial and Commercial Bank of China (ICBC) and Russia's Vneshtorgbank (VTB Bank) signed a $200 million, 10-year buyer's credit facility agreement for the purchase Chinese equipment for the gold-mining and timber industries and to finance purchases of Chinese products by Russian importers. The agreement was backed by a credit insurance policy from Sinosure.

Staff comments

1. This was one of 3 agreements VTB signed with Chinese banks at the time. In 2010, ICBC and Russia's VTB increased the credit facility from $200 to $500 million (as captured via Record ID#43020). 2. VTB Bank (also known as Vneshtorgbank) 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.