Active Development AidData Chinese Aid

Chinese Eximbank signed MOU for $55mil loan with Russia’s Vneshtorgbank (Linked to Record ID#40503)

$55M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	VTB Bank
Country	Kazakhstan
Start Date	Mar 21, 2006
End Date	Mar 21, 2031
Duration	9,131 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`43028`

Grant Description

Chinese Eximbank signed MOU for $55mil loan with Russia’s Vneshtorgbank On March 21, 2006, Russia’s Vneshtorgbank and the Chinese Exim bank signed a MoU on the financing of the construction of the Moskva business center in Astana (Kazakhstan). China committed to grant a $55 million loan for eight years.

This loan is being drawn from a previous framework credit contract signed between the two banks in December 2002 (see Record ID#40503).

The deal is the first for Vneshtorgbank project with a Chinese financial institution to grant credits for projects outside China or Russia. The construction was conducted by Inteko, the company owned by Russian philanthropist Elena Baturina. On July 4, 2010, the completion ceremony for construction on the Moskva Business center was held.

The building has 25 floors, and is the largest business center in Kazakhstan's capital city of Astana

📋 Staff Comments

No evidence of the transaction actually occurring between the MoU and the completion ceremony

📚 Sources & References

Vneshtorgbank
Eximbank sign memorandum of understanding.
Vneshtorgbank and Eximbank of China sign a Memorandum of Understanding
Moskva Business Centre – unique multifunctional complex in heart of Astana
VNESHTORGBANK Signs Memorandum on Mutual Understanding with EXIMBANK of China Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.