OREANDA-NEWS. March 24, 2010. In the course of Deputy Chairman of the People’s Republic of China Xi Jinping’s working visit to the Russian Federation, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China Development Bank (CDB) entered into a Framework Credit Agreement.

On behalf of the Russian side the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Chinese side - by China Development Bank Board Director Chen Yuan.

Under the Agreement the China Development Bank is to extend a credit line of 1 billion US dollars to Vnesheconombank.

The credit resources are scheduled to be used for financing investment projects implemented on the territory of the Russian Federation. At present, a number of projects with the participation of the China Development Bank are being implemented on Russia’s territory including the construction of a cement plant in the city of Slantsy of the Leningrad region.

The signing of this Agreement would further boost economic ties between the Russian Federation and the People’s Republic of China.