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Russia’s development bank mulling borrowings on Arab markets in 2017

December 29, 2016, 14:09 UTC+3 MOSCOW
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MOSCOW, December 29. /TASS/. Russia’s VEB development bank plans to borrow on Arab financial markets next year, its Chairman Sergei Gorkov said Thursday.

"Now we’re close to entering Arab markets as well," he said in an interview aired by the Rossiya-24 TV news channel.

Also, he said, the company has signed a $1 bln loan contract with Japan.

Speaking about the results of this year, Gorkov said he is glad a new strategy was adopted. "It is a unique strategy for development banks. I’m glad we’ve had a better than expected result and solved the liquidity issues for next year," he added.

In September, the state-owned corporation signed an agreement with ten Chinese banks on raising a syndicated loan worth up to 10 bln yuan. Harbin bank was the coordinator of the transaction. Also, VEB made an agreement with China’s state development bank on raising up to 6 bln yuan worth of loan proceeds for a 15-year period.

Thus, the total amount of credit resources raised from Chinese banks totals around $2.5 bln now.

The plan is to use the funds for the implementation of projects in Russia. VEB also intends to take out two loans from Chinese banks in the first half of next year.

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