OREANDA-NEWS. October 14, 2009. In the course of Russian Prime Minister Vladimir Putin’s working visit to the People’s Republic of China, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China Export-Import Bank (the China Eximbank) entered into a Credit Agreement worth 133 million US dollars.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the China Eximbank - by its Chairman and President Li Ruogu.

Under the Agreement the funds to be made available to Vnesheconombank are intended to finance contracts for the supply of equipment and performing installation and construction work under the project to build a cement plant in the Nikolsk district of the Penza region. The project provides for organizing a full cycle of high-quality cement production with a total capacity of 1.8 million tons of cement per year. The production technology provides for using an advanced dry cement production method that makes it possible to significantly save resources and reduce power consumption while meeting international environmental standards.

The project to build a cement plant is being implemented by LLC Asia Cement. The Company specializes in building cement plants.

The implementation of this project would also help create new jobs in the region.