Sberbank Board Vice Chair Alexander Zakharov told a press conference in the Chinese capital that earlier this year, the bank had signed an agreement with Sinosure, China's only export credit insurance corporation.
He said the deal made it possible to fund the short-term commercial transactions of Russian companies and to invest in projects run by Sberbank's corporate clients to buy equipment from China.
It was with this agreement in mind that Sberbank suggested Chinese banks provide lines of credit guaranteed by Sinosure, Zakharov said.
Chinese investment in the Russian economy is expected to reach $12 billion by 2020, the Sberbank official said, adding that the investment boom could be accompanied by substantial improvement in the terms of Chinese credit lines.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Verkhovna Rada Elections in Ukraine: Darth Vader and Friends
Infographics: Nobel Peace Prize
The 11th Meeting of the Valdai International Discussion Club: The World Order: New Rules or No Rules?
The opening session entitled The Limits of Governability, or Systemic Failure provided the basis for subsequent discussions and highlighted the most painful issues in contemporary international relations.