The International Ibdustrial Bank (IIB) has concluded a cooperation agreement with China’s Poly Technologies Inc. Poly Technologies has been known in Russia since 1991, when Russian-Chinese military-technical cooperation resumed. It is one of the leading Chinese corporations in the field of arms export and import, with the right to deal on that market independently. In addition, the company implements projects in extractive sectors, real estate and investment.
Under the agreement between IIB and Poly Technologies, the bank will service the Chinese company’s contracts with Russian military enterprises. The bank will assess and evaluate Poly Technologies’s ongoing and future projects in Russia, provide financing, guarantees and help in fund raising. Under the agreement, the International Ibdustrial Bank plans to assist Russian defence-related enterprises in expanding ooperation with Chinese companies and establishing contacts with new partners.
