OREANDA-NEWS. 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 Export-Import Bank entered into an Agreement on Cooperation.

The Agreement was signed by Management Board Member, Vnesheconombank Deputy Chairman Petr Fradkov and China Export-Import Bank Chairman and President Li Ruogu. 

Agreement aims to promote long-term cooperation between the two financial institutions in trade and project financing, syndicated credits and in other sectors of mutual interest.

Under the Agreement signed Vnesheconombank and China’s Eximbank plan to jointly finance projects in transport infrastructure, power engineering, environment protection as well as projects that help to diversify the Russian economy and boost its innovative development.

The signing and subsequent implementation of the Agreement would further strengthen economic ties between the Russian Federation and the Chinese People’s Republic.