The Sverdlovsk Oblast government still hoping to get 1 billion dollars from China

31.03.2010 — News

THE SVERDLOVSK OBLAST

In the first half of April 2010 the Sverdlovsk Oblast will host the field Board Meeting of Vnesheconombank (VEB) at which, amongst others, the question of issuing to the region a 1 billion US dollars investment loan from the state-owned China Development Bank will be discussed.

Aleksandr Misharin, the Governor of the Sverdlovsk Oblast, said that while the Chinese bank has signed investment agreements with six Russian regions in 2009, none of them received any money. It has to be pointed out that the Sverdlovsk Oblast's chances are considered the highest in the сщьифе for credit resources since the Chinese designated Vnesheconombank as the financial operator of the agreement.

RusBusinessNews has already reported that after the SCO Summit in Ekaterinburg in June 2009 the China Development Bank furnished Vnesheconombank with a credit facility of 1 billion US dollars. This money was planned to be used for the implementation of investment projects in the Sverdlovsk Oblast: the completion of the construction of magnesium production facility at OJSC Russian Magnesium in Asbest, the construction of the state of the art sheet rolling complex at OAO Kamensk-Uralsky Metallurgical Works and others.