Russian banks to forge closer ties with Chinese partners

Russian banks expect to sign agreements with Chinese partners on financing several projects in Russia during President Vladimir Putin's visit to China next week.

The head of Russia's Bank of Foreign Economic Activity Vladimir Dmitriev stated that the Russia-China inter-bank cooperation proved that the Russian market is attractive for foreign investors despite all negative assessments of its investment climate.

Both countries pay special attention to the development of Russia's Far East and trans-Baikal region, Dmitriev noted.

For example, the Russia-China Investment Fund, which was jointly created by the two countries, has been equipped with "all necessary tools" on examining projects, establishing investment bases and looking forpotential investors, he said.

Dmitriev said that inter-bank cooperation within the framework of Shanghai Cooperation Organization was successful.

Members of the SCO inter-bank union put their priorities on projects and organizations which are aiming at developing industry, infrastructure and agriculture, improving the people's livelihood, creating new jobs and protecting the environment, he said.

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