The China Development Bank and Russia's Sberbank signed an agreement Wednesday, with the aim of pushing forward financial cooperation between the two countries.

The signing ceremony took place on the sidelines of the 16th meeting of the Joint Commission for the Regular Meetings of Heads of Government of China and Russia, which was co-chaired by Chinese Vice Premier Wang Qishan and Russian Deputy Prime Minister Dmitry Rogozin.

Under the accord, which has a five-year validity, CDB and Sberbank will cooperate in such fields as Russia's large-scale government projects and infrastructure projects, international settlement and trade financing, correspondent banking, custody services, personnel training and experience exchanges, with a total volume of cooperation less than $2 billion.

The agreement has given priority to Chinese-funded projects in the areas of infrastructure, oil and gas, metal mining, electricity, telecommunications, agriculture and forestry.

The two banks will cooperate through such methods as comprehensive credit line, syndicated loans, finance lease and investment banking services.