ICBC provides $200 million export buyer's credit for VTB Bank for various purposes (Linked to Project ID#43020)
Commitment amount
$ 499890980.40073013
Adjusted commitment amount
$ 499890980.4
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [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 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.
Additional details
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 Project 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.
Number of official sources
3
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
VTB Bank [State-owned Bank]
Implementing agencies [Type]
VTB Bank [State-owned Bank]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]
Loan Details
Maturity
10 years