OREANDA-NEWS. In the course of Chinese President Xi- Jinping's formal visit to Russia, Vnesheconombank and the Export-Import Bank of China (Eximbank) entered into an agreement on a credit line. Under the agreement Exim bank is to provide VEB with 3.9 billion Chinese yuans for a period of up to 15 years.

On behalf of VEB the agreement was signed by Chairman Vladimir Dmitriev and on behalf ofthe Export-Import Bank of China - by Chairman Hu Xiaolian. A signing ceremonywas held in the presence of Russian President Vladimir Putin and President of CPR Xi-Jinping.

This agreement was signed to fund an investment project "Production of electrolytic metallic manganese for manufacturing special steels on the basis of ores of the Usinsk deposit in the Kemerovo region". The project is being implemented by CJSC CHEK-SU.VK. VEB raises credit facilities in Chinese currency for the first time to fund an investment project in Russia.

The Export-Import Bank of Chinawas founded in 1994. It is a leading financing institution of PRC. It is 100% controlled by the state. International ratings are in line with national sovereign ratings of PRC:Moody's - Aa3, Fitch - A+, S&P - AA-. The bank's main task is to pursue government policy aimed at providing financial support for industry and foreign trade to promote exports of Chinese mechanical and electronic products, high and new technologies.