China’s largest listed commercial bank has agreed its first financing deal for a Russian infrastructure pro-ject, in the latest agreement to highlight the growing investment relationship between the two countries.
Industrial and Commercial Bank of Chinawill provide $1bn of financing to build a power plant at Yaroslavl to the north-east of Moscow, said bankers and advisers.
The borrower is a joint venture between Huadian, the Chinese sponsor, and Territorial Generation Company, a Russian energy business. Chinese manufacturers will supply the plant’s generation equipment.
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