Today on February 13, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the European Bank for Reconstruction and Development (EBRD) entered into a Memorandum on Cooperation.

The Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and EBRD President Jean Lemierre

Under the Memorandum the two sides are determined to jointly finance projects in transport infrastructure, power engineering, communal services and environment protection as well as projects that would contribute to the Russian economy’s diversification and its innovative development.

In order to cooperate effectively in carrying out investment projects including those within public private partnership the two sides agreed to further work out optimal mechanisms for financing projects’ initial stages.

Under the Memorandum Vnesheconombank and the EBRD are also determined to explore the possibilities to jointly finance projects in the Russian regions aimed among other things at supporting small and medium-sized business.

The Memorandum also provides for establishing a joint working group, which will be responsible for promoting cooperation and coordination between the two financial institutions.

As Vnesheconombank Chairman Vladimir Dmitriev stressed, the signing of the Memorandum creates favorable conditions for joining forces, intellect and best practices of the two financial institutions.

The EBRD President said that “our cooperation is supposed to speed up the very economic processes for encouraging which our both banks were established. There are a lot of things we can and must learn from each other and Russia is in a position to hope that our joint efforts would have a profound impact on the development of Russia’s key economic sectors”.

Vnesheconombank’s participation in implementing the Memorandum signed is in line with the Bank’s principles, its main lines of business and industrial priorities of its investment activity stipulated in the Memorandum on the Bank’s Financial Policy.

The EBRD’s investment instruments owned by 61 countries and two international organizations are being used to build market-oriented economy and democracy in 29 countries ranging from Central Europe to Central Asia.

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru