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Overview

ICBC increases VTB's credit facility to $500 million for trade financing purposes (Linked to Record ID#41977)

Commitments (Constant USD, 2023)$385,841,542
Commitment Year•2010Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•General Budget SupportFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 27, 2010

Geospatial footprint

Map overview

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ICBC increases the buyer's credit for Russia's Vneshtorgbank, which is headquartered in Moscow, Russia at the Imperia Tower. More detailed locational information can be found at https://www.openstreetmap.org/way/35550707.

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 Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned Banks

  • VTB Bank

Implementing agencies

State-owned Banks

  • VTB Bank

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

ICBC increases VTB's credit facility to $500 million for trade financing purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

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.

Staff comments

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 Record ID#41977.