Today, on October 28, 2008 in the course of Chinese Premier of the State Council Wen Jiabao’s official visit to the Russian Federation, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China State Development Bank entered into a Framework Agreement on Joint Financing of Investment Projects.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and China State Development Bank Supervisory Board Chairman Yao Junmin.

This Agreement aims to promote long-term cooperation in the joint financing of investment projects. High priority is planned to be given to projects in power engineering, infrastructure of housing and communal services, aircraft construction, shipbuilding, transport ant timber processing industry, as well as to projects aimed at increased natural resources utilization and environment protection.

The Agreement lays down the principles for joint financing of large-scale investment projects by Vnesheconombank and the China State Development Bank on the territory of the Russian Federation.

The implementation of the Agreement would help to further promote cooperation between the Russian Federation and the Chinese People’s Republic in the lending and investment sector.

Origin: Press Office of Vnesheconombank

Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34

E-mail: press@veb.ru