Vnesheconombank and the China Development Bank to Finance Railcar Leasing to Facilitate Cargo Transportations Between Russia and China
MOSCOW, October 5, 2017 /PRNewswire/ --
Vnesheconombank's Supervisory Board approved a draft plan for financing VEB-Leasing's railcar leasing portfolio for cargo shipping between Russia and China. To this end, the parties will use the loan raised by Vnesheconombank from the China Development Bank (CDB). The project implemented in the context of conjunction of integration processes in the Eurasian Economic Union and the Chinese One Belt One Road initiative will be launched this autumn.
In December 2015, VEB's Supervisory Board approved a deal to raise CNY10bn (approximately, USD1.5bn) in loans from CDB for a period of up to 5 years. CNY3.3bn (approximately, USD0.5bn) of the loan will be used to finance the railcar leasing portfolio.
"By making this investment, VEB will inject Chinese funds into Russia's economy. Financing the railcar leasing is a strategic project of national significance both for Russia's and China's foreign economic activity," said Sergey Gorkov, Vnesheconombank's Chairman.
Vnesheconombank has been working to strengthen the trade and financial cooperation between Russia and China with CDB being the Bank's strategic partner.
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