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Russia and Belarus will create an integration development platform

The Government of the Republic of Belarus, Development Bank of the Republic of Belarus, Vnesheconombank, Belvnesheconombank (Bank BelVEB, the VEB Group) and ROSEXIMBANK entered into a Memorandum of Intent to create an Integration Development Platform.

The document was signed by First Deputy Prime Minister of the Republic of Belarus Vasily Matyushevsky, Belarus Development Bank's First Deputy Chairman of the Board Tatyana Sosnovskaya, Vnesheconombank's Chairman Sergey Gorkov, Bank BelVEB's Chairman of the Board Nikolay Luzgin and ROSEXIMBANK's Chairman of the Board Andrey Polyakov.

The parties agreed to establish a joint platform on the basis of national development institutions of Russia and Belarus. The launch of the platform will allow to create a financial infrastructure for the implementation of export projects and projects with a high integration potential.

The first stage is expected to involve making a list of joint Russian-Belarusian projects with a high integration potential implemented both in Russia and Belarus.

The parties are planning to elaborate on the possibility of financing joint projects, including the use of state support instruments and opportunities of the Union state.

Vnesheconombank is prepared to participate in the development of programmes for financing exports of jointly manufactured goods to third country markets, inter alia, by working on the possibility to provide support both to buyers and sellers of finished products.

Sergey Gorkov commented as follows: “Russia and Belarus have deep integration relations both in the financial domain and in manufacturing industries. Joint projects implemented on the basis of a new integration development platform with support from the Union state and financial institutions of the two countries will help boost trade between Russia and Belarus and bring goods manufactured by Russian-Belarusian joint ventures to third country markets.”

The cooperation under the Memorandum will facilitate sustainable economic development of the countries, increase mutual trade turnover and diversify trade and investment activities. Particular areas of focus are expected to include the development and strengthening of the export potential of the two countries, creating synergy to promote Russia- and Belorus-manufactured goods to third country markets.

Further to the above arrangements, Vnesheconombank, Development Bank of the Republic of Belarus and Bank BelVEB, on the one hand, and OJSC UAZ, on the other hand, signed a Memorandum of Cooperation to promote Russian car supplies to the Republic of Belarus.

Moreover, Vnesheconombank and Bank BelVEB signed a Memorandum of Cooperation with BelAZ, identifying the priority areas for the parties in the implementation of export projects.


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