Today, on July, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and Kreditanstalt fur Wiederaufbau (KfW Bankengruppe) entered into an Agreement on Cooperation.
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and by KfW Board Director Ingrid Matthaus-Maier.
The Agreement aims to strengthen economic and financial relations between Russia and Germany. This Agreement is designed to promote cooperation between financial institutions of the two countries taking into account the Development Bank’s new lines of business. The Development Bank was established on the basis of Vnesheconombank.
The two sides agreed to carry out joint projects including those aimed at supporting medium- and small-size business. The Agreement also sets froth the two sides’ intentions to jointly examine and work out projects designed to reduce green house gases atmospheric emissions.
Cooperation between Vnesheconombank and KfW is developing dynamically. The first agreements between the financial institutions on extending credits to the former Soviet Union and then to the Russian Federation were made between KfW and Vnesheconombank in 1991. KfW was the first foreign bank to sign an agreement with Vnesheconombank after it was transformed into the state corporation “The Bank for Development and Foreign Economic Affairs.”
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
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