Chinese banks ink lending arrangement for Russian companies

Added 13th May 2015

Chinese banks ink lending arrangement for Russian companies

The idea is to match Chinese credit institutions with high-quality Russian issuers.

RDIF and RCIF are exploring an arrangement that would allow Chinese banks to increase the limits on loans and improve access to currency funding for both Russian and Chinese creditworthy companies, the firms said in a joint statrement.

Hu Bing, President and co-CEO of RCIF, said there is growing demand from a large number of Russian companies seeking debt financing from overseas markets. 

"It is of mutual interest to leverage the strong capital of Chinese banks and financial institutions, which have active plans to invest internationally."

RCIF is a fund run jointly by Russian and Chinese government entities RDIF and CIC, respectively.

In a separate announcement, RDIF and RCIF, together with the government of China's Heilongjiang Province, said they would launch a $2bn fund targeting investment in agricultural projects in Russia and China.

"Russia and China's investment in agriculture will enable the development of large areas of uncropped arable land on the borders between our countries," said Kirill Dmitriev, CEO of RDIF and co-CEO of RCIF.

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