Overview

Agricultural Bank of China provides $500 million loan to VTB Bank for unspecified purposes

Commitments (Constant USD, 2023)$693,658,885

Commitment Year•2009Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2009

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

Agricultural Bank of China (ABC)

Receiving agencies

State-owned Banks

VTB Bank

Implementing agencies

State-owned Banks

VTB Bank

Loan description

Agricultural Bank of China provides $500 million loan to VTB Bank for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On October 13, 2009, the Chinese Government and the Russian Federation signed several agreements worth $3.5 billion during Russian Prime Minister Vladimir Putin’s three-day visit to Beijing. One of them was a $500 million loan agreement between Agricultural Bank of China and VTB Bank. The purpose and borrowing terms of the loan are unknown.

Staff comments

1. VTB Bank is a Russian majority state-owned bank headquartered in various federal districts of Russia; its legal address is registered in St. Petersburg; as of 2022 company's capital stock was mostly owned by three Russian agencies.