OREANDA-NEWS. November 26, 2010. As part of the Fifth Russian-Chinese Economic Forum in Moscow, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China State Development Bank (CDB) entered into an Individual Credit Agreement worth 361.5 million US dollars.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member, Vnesheconombank Deputy Chairman, Petr Fradkov and on behalf of the China State Development Bank - by its President Jiang Chaoliang.

Under the Agreement funds to be made available to Vnesheconombank are designed to finance the project aimed at constructing a timber processing and sawn timber integrated facility in the Vanino district of the Khabarovsk Territory. The Project provides for building a unique full-cycle timber processing industrial integrated facility with an annual timber processing capacity of up to 1.1 million cubic meters. The Project is being implemented by LLC Arkaim, which has been operating in the Khabarovsk Territory since 1993.

The Project has a top-priority status in timber development.