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.
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The main event of the third day of the 11th meeting of the Valdai International Discussion Club in Sochi was the closing session with President Vladimir Putin. The atmosphere was calm and open, despite the current political tensions and the Russia-West confrontation. The Russian president said that it corresponded to the spirit of the Valdai Club.