ICBC increases VTB's credit facility to $500 million for trade financing purposes (Linked to Project ID#41977)
Commitment amount
$ 417818080.7388721
Adjusted commitment amount
$ 417818080.74
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Trade policies and regulations (Code: 330)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On September 27, 2010, the Industrial and Commercial Bank of China Ltd. (ICBC) and Russia's VTB Group signed a trade finance agreement, allowing the Russian state-controlled bank to support dollar-, yuan- and euro-denominated trade with China. Under the agreement, VTB Group's credit facility was to be increased from $200 to $500 million, which was granted by the Industrial and Commercial Bank of China for long-term financing of Russian imports from China under the insurance coverage of Sinosure.
Additional details
1. The credit facility was reportedly used to purchase Chinese equipment for the gold-mining and timber industries and to finance purchases of Chinese products by Russian importers. For the original $200 million credit facility, see Project ID#41977.
Number of official sources
1
Number of total sources
3
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]