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The Ministry of the East of Russia and the State Development Bank of China signed an additional cooperation agreement
During the visit to the People's Republic of China as part of the official delegation, the Minister of the Russian Federation for the Development of the Far East, Alexander Galushka, and the Chairman of the Board of Directors of the State Development Bank of China (CBRK), Hu Huaibang signed an Additional Cooperation Agreement on financing projects in the Russian Far East on May 20.
In particular, the parties agreed to provide Chinese commercial banks with competitive commercial loans based on the coordination and definition of specific cooperation projects. In addition, the Chinese side will participate in the creation of infrastructure objects of the territories of priority development.
The signing of an additional Agreement on financing projects in the Russian Far East is regarded by the parties as another step towards the development of long-term and productive cooperation.
Recall that, in accordance with the document 16 of August 2013, the document provides for financing by the Chinese bank of investment projects in the DFO in the amount of up to 5 billion US dollars.
CBRK is not only the largest financial institution for the development of China, but also one of the largest development banks in the world. Its registered capital is 50 billion yuan (8,18 billion dollars). The Bank supports the basic industries, the development of individual territories. Over the past decade, the GBRK has intensively expanded its ties with Europe, Africa and Latin America, and is interested in expanding its presence in the Russian financial sector..