Vnesheconombank and the Islamic Development Bank Group agree to cooperate

Vnesheconombank and the Islamic Development Bank Group entered into a Memorandum of Understanding. This is one of the first agreements signed between Russian and Islamic financing institutions.

On behalf of Vnesheconombank the Agreement was signed by Chairman Sergei Gorkov and on behalf of the Islamic Development Bank Group – by Dr. Ahmed Mohammed Ali Al Madani.

The parties agreed to enhance cooperation in organizing joint funding of investment projects, providing support for export-import transactions and share business experience in Islamic finance.

The Memorandum’s implementation would help to promote Vnesheconombank’s interestsin the Organization of Islamic Cooperation countries as well as raise funds on the Islamic capital markets.

The Islamic Development Bank was established in 1973 at a conference of Islamic countries finance ministers. It represents interests of 56 states of the Organization of Islamic Cooperation (OIC). The Bank’s main objective is to promote economic development and social progress inOIC countries and Islamic regions of other states. The Bank undertakes its activity based on laws and principles of Sari’ah.

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