In the course of the 20th Petersburg International Economic Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Open Joint Stock Company the Joint Stock Finance Corporation Sistema (AFK Sistema) entered into an agreement on cooperation.
On behalf of Vnesheconombank the agreement was signed by Vnesheconombank First Deputy Chairman – Member of the Board Nikolay Tsekhomskyi and on behalf of AFK Sistema – by Senior Vice President Vsevolod Rozanov.
The agreement provides for developing and enhancing mutually beneficial cooperation in the following lines of activity:
- providing support for AFK Sistema’s investment projects designed to manufacture and export non-raw materials high-technology Russian products;
- funding projects on the development of innovative technologies;
- funding projects in the defense industry;
- funding projects in the import substitution sector;
- project finance.
Under the agreement Vnesheconombank intends to provide associated banking and investment services upon implementing relevant projects.
Implementation of joint projects would assist in developing the Russian economy and would also give a new impetus for developing high-tech exports.
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