OREANDA-NEWS. On October 28, 2008 in Moscow VTB Bank and China Exim Bank signed an Individual Loan Agreement exceeding USD 18.5 mln. The ceremony was attended by Andrei Kostin, VTB President and Chairman of the Management Board and by Li Rougu, Chairman&President of China Exim Bank. The Agreement was signed within the framework of the Third Russian-Chinese Economic Forum, reported the press-centre of VTB Bank.

The loan extended by VTB will be channeled into financing a commercial contract to purchase telecommunications equipment signed between CJSC Baikalwestcom and a Chinese company Huawei. This loan is another VTB project launched to implement the Bank’s policy aimed at providing financial support to upgrading Russian telecommunications companies.     

This project is financed under the USD 500 mln Framework Loan Agreement signed between VTB and China Exim Bank on 26 March 2007. This agreement is designed to develop mutually rewarding interbank relationships, increase Russia-China trade turnover and enhance the financing of the Russian import of telecommunications equipment and services from China.