CDB provides $300 million credit facility to VEB for export of high-tech Russian goods (Linked with Project ID#42965)
Commitment amount
$ 651070004.8842448
Adjusted commitment amount
$ 651070004.88
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Russia
Sector
Communications (Code: 220)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On November 3, 2005, Vnesheconombank signed a $300 million credit facility (line of credit) agreement with China Development Bank (CDB). The agreement with CDB was signed to build upon a quadrilateral cooperation agreement between Vnesheconombank, Roseximbank, Sinosure, and CDB. The funds received by Vnesheconombank were use to provide pre-export financing to Russian exporters of high-tech goods to Chinese buyers (importers).
Additional details
1. Vnesheconombank (VEB) is a Russian state development corporation. 2. The November 3, 2005 agreement was facilitated by an earlier, $212 million credit facility agreement with CDB, which was signed in March 2005 (as captured via Project ID#42965).
Number of official sources
1
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]
Implementing agencies [Type]
Vnesheconombank (VEB Bank or VEB.RF) [State-owned Bank]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]