OREANDA-NEWS. June 09, 2012. In the course of the Russian President’s state visit to the People ’s Republic of China, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China Development Bank Corporation (CDBC) entered into a credit agreement on extending credit resources worth 1.43 billion US dollars for a period of 14 years to Vnesheconombank. The agreement was signed at an official ceremony in the presence of Russian President V.V. Putin and China’s Chairman Hu Jintao.

On behalf of Vnesheconombank the agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of CDBC – by its Chairman Chen Yuan.

Long-term funds to be extended by the Chinese Bank are to be used by Vnesheconombank to fund a project aimed at the construction of the Taishet aluminum smelter in the Irkutsk region. The project is being implemented by OK RUSAL. In September of 2011 Vnesheconombank’s Supervisory Board approved the Bank’s participation in funding this project.

The agreement signed with CDBC testifies to enhanced long-term cooperation between the two financial institutions of Russia and to China Chinese banks’ great trust in Vnesheconombank.

This project’s implementation will promote the development of Russia’s aluminum industry.