OREANDA-NEWS. March 25, 2010. An agreement was signed between JSC VTB Bank and the Export-Import Bank of China (China Eximbank) aimed at extending cooperation of the two banks within the Basic Loan Agreement dated 26 March 2007. The agreement was signed within the framework of an official visit to Moscow of Xi Jinping, member of the Politburo Standing Committee of the Communist Party of China.

For JSC VTB Bank, the document was signed by Vasily Titov, First Deputy Chairman of the Management Board, for China Eximbank – by Zhu Xinqiang, its Vice President. The signing ceremony was also attended by Alexander Zhukov, Chairman of the Russian party to the Russian-Chinese commission for preparing regular prime ministerial meetings.

The agreement provides for increasing long-term credit facilities opened by China Eximbank to finance import by Russian companies from the PRC, from USD 500 million to USD 800 million; and also for an option to withdraw the facilities not only in hard currencies, but in Chinese Yuans too.

Citing Vasily Titov, “in the context of better trade relations between Russia and China, and more liberal settlement procedures between the two countries, the agreement signed opens a window of opportunity for Russian companies to raise funds.”