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China Development Bank, VEB strike 65B yuan lending agreement

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China Development Bank, VEB strike 65B yuan lending agreement

Vnesheconombank signed a framework agreement with China Development Bank under which the Chinese financial institution could lend up to 65 billion yuan to the Russian state-owned lender to finance joint projects, Reuters reported.

Currently, there are about 70 projects that the two banks could co-finance as part of various programs and initiatives between Russia and China, VEB said June 8, citing its chairman, Igor Shuvalov.

As of June 7, US$1 was equivalent to 6.39 Chinese yuan.