OREANDA-NEWS. In the course of Chinese President Xi- Jinping's formal visit to Russia, Vnesheconombank and the China Development Bank (CDB) entered into a framework credit agreement worth 8 billion US dollars.

On behalf of VEB the agreement was signed by Chairman Vladimir Dmitriev and on behalf of CDB - by Chairman Hu Huaibang.

The agreement provides for extending long-term credit facilities to Vnesheconombank for developing the Far East and Siberia. The credit facilities are to be raised for implementing infrastructure projects, projects in communications technologiesand agro-industrial sector. The two sides believe that the agreementwould make it possible to expand trade and economic cooperation between the two countries.

CDB is a leadingfinancing institution of the People's Republic of China (PRC) operating as a state-run joint stock company. It is wholly owned by the state. CDB's international ratings are in line with national sovereign ratings of PRC:Moody's - Aa3, Fitch - A+, S&P - AA-. CDB's main goal is to boost China's economic competitiveness and raise its people's living standards.