China will give VEB 600 billion ruble loan for the development of the Russian economy

The Chinese State Bank will issue a loan amounting up to 600 billion rubles to the WEB for development of Russian economy. The agreement is unique in terms of the volume of credit resources for interbanking relations between Russia and China, admits the WEB head Igor Shuvalov
During President Vladimir Putin’s visit to Beijing, the head of the Vnesheconombank Igor Shuvalov and the head of the Development Bank of China, Hu Huaibang signed an agreement under which the Chinese party will provide VEB with up to 65 billion yuan (600 billion rubles) to finance the «projects coordinated by the parties,» the press service of the Russian state corporation reports.
The agreement signed by the WEB and the China Development Bank «is aimed at creating a mechanism of financial support for conjunction of integration processes within the Eurasian Economic Union and China’s One Belt, One Road initiative,» the press release explains.
Igor Shuvalov, whose words are quoted in the WEB report, recalled that in 2015, Vladimir Putin and Chinese President Xi Jinping signed a declaration on the «One Belt, One Road» and Eurasian Integration formats. «We work on several major projects within the framework of this initiative, including the project along the Northern Sea Route, and the project related to high-speed traffic arrangement from China to Europe,» the head of the state corporation recalled. In total, there are about 70 projects that Russia and China can co-finance and that «add a lot of value to the project of conjunction of two formats,» Mr. Shuvalov said.
Source: rbc.ru