Overview

CDB provides RMB 12 billion credit facility to VTB Bank to finance Sino-Russian trade operations

Commitments (Constant USD, 2023)$1,997,400,812

Commitment Year•2015Country 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: Sep 3, 2015

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

VTB Bank

Implementing agencies

State-owned Banks

VTB Bank

Loan description

CDB provides RMB 12 billion credit facility to VTB Bank to finance Sino-Russian trade operations

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 3, 2015, China Development Bank (CDB) and VTB Bank signed a RMB 12 billion loan agreement to finance Russian-Chinese trade operations. Under the agreement, the banks agree to finance the Sino-Russian trade operations of their clients. Earlier that year, in May 2015, CDB and VTB Bank agreed to develop a partnership to support joint projects and Russia-China trade. In the same month, VTB signed a similar agreement with China Eximbank.

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.