June 8, 2018 / 9:37 AM / 10 months ago

China Development Bank may loan up to $10 billion to Russia's VEB

FILE PHOTO: The logo of Russian state development bank Vnesheconombank (VEB) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russian state development bank VEB has signed a framework agreement with China Development Bank under which the Chinese bank may loan up to 65 billion yuan ($10.14 billion) to VEB to finance joint projects.

“Currently, there are about 70 projects we could co-finance, which would greatly contribute to coordinating integration processes,” VEB’s newly appointment chairman Igor Shuvalov said in a statement.

Reporting by Katya Golubkova; writing by Polina Nikolskaya; editing by Jason Neely

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