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Overview

CDB provides $300 million credit facility to VEB for export of high-tech Russian goods (Linked with Record ID#42965)

Commitments (Constant USD, 2023)$601,299,156
Commitment Year•2005Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 3, 2005

Geospatial footprint

Map overview

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Vnesheconombank (VEB) received a 300 million USD credit line. Russia's VEB is headquartered in Moscow, Russia. More detailed locational information can be found at https://www.openstreetmap.org/way/130850432.

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 Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned Banks

  • Vnesheconombank (VEB Bank or VEB.RF)

Implementing agencies

State-owned Banks

  • Vnesheconombank (VEB Bank or VEB.RF)

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

CDB provides $300 million credit facility to VEB for export of high-tech Russian goods

Interest type•Unknown

Narrative

Full Description

Project narrative

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).

Staff comments

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 Record ID#42965).