Project ID: 41977

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

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2002-08-01

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

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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

Bilateral loan

Export buyer's credit

Inter-bank loan