Russian National Development Bank VEB wants more cooperation with Chinese partners to better align the development strategies of the two countries.

“Russia has excellent relations with China’s development institutions. We are interested in jointly investing in projects as part of the process of pairing the Eurasian Economic Union with the Belt & Road Initiative,” the Bank’s First Deputy Chairman Nikolai Tsekhomsky told in a recent interview.

Following a trip to China last week, he said VEB is actively interacting with its strategic partner China Development Bank (CDB) and other representatives of the financial sector and the business circle.

“The task of the Development Banks is not only to directly participate in the largest projects within the framework of these integration initiatives but also to create the necessary financial infrastructure for the active involvement of market players, to reduce barriers and simplify procedures,” he said.

The VEB and the CDB are discussing projects of railway transport and shipping by the Northern Sea Route, Tsekhomsky said, adding that the most important element is financing the production of Arctic-capable vessels being built at Russia’s Zvezda shipyard.

According to Tsekhomsky, the Russian and Chinese governments are compiling a list of more than 70 investment projects that are of priority importance for both countries and attractive to investors, while the VEB and the CDB have been assigned the role to evaluate them.

During the roadshow in China last week, the VEB presented Russian projects involving a timber industry complex, the creation of the Eastern Grain Gate port terminal, and the construction of the Meridian highway, he said.

“We have gathered a large number of participants under the CDB’s umbrella.
This roadshow was the first shot. We plan to hold meetings in this format on a regular basis. Our task is to find all areas of cooperation attractive to Chinese partners,” he said.

“I am sure that our joint projects will serve the people in our countries. New investment means new jobs and new opportunities for economic development,” Tsekhomsky said.