23:22 GMT07 April 2020
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    Russia's Development Bank Plans to Expand Representative Office in China

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    Russia's Bank for Development (VEB) plans to expand its representative office in China while making some layoff in some other missions abroad, VEB Chairman Sergey Gorkov said on Friday.

    SOCHI (Sputnik) — VEB is a state development and foreign economic affairs corporation. In September, VEB and a number of Chinese commercial banks signed a syndicated loan facility agreement worth up to 10 billion yuan ($1.5 billion) at the Eastern Economic Forum in Vladivostok.

    "China is important to us. We even plan to expand our representative office in China while making layoffs in some other offices abroad," Gorkov told reporters on the sidelines of the International Investment Forum Sochi-2016.

    Currently VEB's mission in China is staffed with just two people, he added.

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