Project ID: 43020

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

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

2010-09-27

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

Download the dataset

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

Bilateral loan

Export buyer's credit

Inter-bank loan