OREANDA-NEWS. Vnesheconombank and the China Development Bank (CDB) marked ten years of cooperation. Being national development banks, Vnesheconombank and CDB have similar top-priority lines of activity.

Cooperation between VEB and CDB ranges from funding major investment projects to sharing business experience and information. VEB is one of the largest borrowers from CDB among Russian financing institutions. As of today, the amount of credits raised by Vnesheconombank from the China Development Bank is 3.451 billion US dollars.

At present, credit facilities raised from CDB are being used to fund five projects through VEB. The projects are designed to develop smelting industry, construction and timber processing integrated production facilities, power engineering industry including in CIS countries. A number of projects planned to be financed through using CDB's credit facilities are now being examined by experts at Vnesheconombank. Vnesheconombank Chairman Vladimir Dmitriev says, "Ten years of cooperation between the two banks demonstrated mutual understanding upon our joint implementation of development projects and assisted in creating such multilateral formats as SCO and BRICS Consortiums. I believe that we have huge potential for promoting further cooperation".

VEB and CDB together with other financial institutions are members of the Long-Term Investors Club, the International Development Finance Club (IDFC). They are also members of the Association of Development Financial Institutions of Asia and Pacific (ADFIAP). The banks cooperate with G 20 countries financial institutions as part of D20.