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Vnesheconombank and the International Bank for Economic Cooperation Agree to Cooperate

14 june 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the International Bank for Economic Cooperation (IBEC) entered into an Agreement on Strategic Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Chairman Vladimir Dmitriev and on behalf of IBEC – by Vladimir Bely and Board Member Egidiu Hentes.

The Agreement is designed to establish long-term cooperation in project and trade financing. The parties intend to focus on their joint participation in implementing foreign economic projects aimed at the state’s support for industrial exports including support for the export of Russian products and services to IBEC member countries.

Under the Agreement the parties are also to give high priority to their participation in implementing projects of national significance to be carried out on PPP principles including projects on the construction of infrastructure facilities as well as facilities designed to secure the functioning of special economic zones.

The parties also agreed to fund programs of supporting small and medium-sized enterprises in Russia and IBEC countries, participate jointly in investment funds as well as share business experience and information in various fields related to financial institutions activity.

The International Bank for Economic Co-operation was established in 1963 in Moscow. The Bank's member countries are: the Republic of Bulgaria, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic and the Czech Republic. In accordance with a decision of the Council of the IBEC the Bank's Balance Sheet has been kept in euros. The IBEC's authorized capital is 400 million euros. The Bank has a broad network of correspondent banks in the IBEC member countries as well as in other countries.

 

Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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