Specifically, the accord envisages cooperation between the two banks in releasing syndicated loans for investment projects, providing financial consulting, opening mutual credit lines, operating interbank settlement services, and arranging the lease of hardware and equipment in Russia and China.
Russia's Development Bank, established in late 1999, is totally government-owned. It specializes in long-term crediting of manufacturing industries in line with state investment policy priorities.
The China Development Bank was set up in 1994, and 100 percent of its stock belongs to the Chinese Ministry of Finance. The bank has ministerial status on a par with the Central Bank of China. It focuses its efforts on the promotion of national economic growth and on the development of industrial production.
