Memorandum of Understanding between Vnesheconombank and Kazyna Sustainable Development Fund Signed
Today, on June 10, in the course of the 11th Petersburg International Economic Forum, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and the Kazyna Sustainable Development Fund signed a Memorandum of Understanding to establish a joint fund of direct investments.
The Memorandum was signed by Acting Vnesheconombank Chairman Vladimir Dmitriev and Kazyna Sustainable Development Fund Board Chairman Kairat Kelimbetov.
The Memorandum aims to set the terms of establishing a joint fund with an authorized capital of up to 1.0 billion US dollars to bankroll major investment projects in various industries of Kazakh and Russian economies.
The signing and further implementation of the Memorandum would allow Vnesheconombank, in the context of the Development Bank established on its basis, and the Kazyna Sustainable Development Bank to continue their economic cooperation. The Memorandum also opens up ample opportunities to carry out joint projects serving long-term economic interests of Russia and Kazakhstan.
At present, the two sides are in preliminary talks over searching and selecting potential investment projects in timber processing, power engineering, transport infrastructure and logistics for them to be carried out later on under the Memorandum.
The Kazyna Sustainable Development Fund is a state-run management company which seeks to diversify the Kazakh economy by way of coordinating national development institutions’ activities under the government strategy of Kazakhstan’s industrial and innovative development designed for a period of up to the year 2015.
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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