Quick Take: China, Russia to Invest 74 Billion Yuan for Financing Deals

China and Russia agreed to put 74 billion yuan ($10.9 billion) in two funds to jointly invest in cross-border projects and technology startups.
The deal came before President Xi Jinping and his Russian counterpart, Vladimir Putin, concluded their third meeting of the year in the Kremlin.
As part of Xi’s “One Belt, One Road” initiative and Putin’s “Eurasian Economic Union,” Russian Direct Investment Fund (RDIF) and China Development Bank (CDB) agreed to set up a fund of 68 billion yuan to invest primarily in cross-border infrastructure projects, the Russian sovereign fund said in a statement Tuesday.
On the same day, Russian government-owned development bank Vnesheconombank said in a separate statement its innovation fund has secured another credit line of 6 billion yuan from CDB for up to 15 years. The loan will be used to finance private-equity or bond investment in sectors such as high-value-added manufacturing, noncommodity exports, blockchain and biotechnology, VEB said.
Funding from China is crucial for Russia, which is reeling under a recession. U.S. and EU sanctions, passed in 2014 after Russia’s military involvement in Ukraine, also barred Russian companies from raising funds in Western capital markets.
Contact reporter Aries Poon (ariespoon@caixin.com)
-
Dec 06 18:18
-
Dec 06 16:36
-
Dec 06 16:04
-
Dec 06 13:34
-
Dec 06 11:26
-
Dec 06 11:36
-
Dec 06 06:25
-
Dec 06 03:01
-
Dec 06 03:14
-
Dec 05 18:03
-
Dec 05 17:03
-
Dec 05 15:39
-
Dec 05 14:23
-
Dec 05 14:26
-
Dec 05 12:57
- 1Two China Firms Miss $526 Million Bond Payments as Woes Grow
- 2Exclusive: Founder Warns of ‘Extremely Tight’ Liquidity After Bond Default
- 3Overseas Deposits Pour Into Singapore’s Banks
- 4In Depth: Is China’s Once-Booming P2P Sector Facing a Dead End?
- 5World’s Most Famous Hedge Funds Battle for Recognition in China
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas