VEB takes part in KazanSummit 2017

19 may 2017 года
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On 19 May 2017, Chairman of Vnesheconombank Sergey Gorkov took part in the IX International Economic Summit “Russia — Islamic World: KazanSummit 2017” held by the Russian Federation and the Organization of Islamic Cooperation (OIC) in Kazan. Speaking at the plenary session entitled “Cooperation is Strength: New Potential for Russia-OIC Cooperation amidst Global Economic Turbulence”, Sergey Gorkov stressed the significance of mutual relations with OIC countries for Russia and Vnesheconombank, and, primarily, investment cooperation and support for Russian non-resource industrial exports, which is specifically promoted by VEB as one of its strategic priorities.

“Vnesheconombank has been working actively to attract investors from the Middle East into the Russian economy. Furthermore, VEB closed over RUB 180 billion worth of transactions to promote Russian exports to OIC countries. We are prepared to bridge the financial gap between potential investors, in particular, from the Middle East, and projects delivered in Russia, Sergey Gorkov said.

Seeking to promote its interests and given the favourable local investment climate, the Bank considers opening its representative office in the United Arab Emirates in 2017.

Vnesheconombank actively engages in the work of ad hoc task groups under the auspices of the Russian Federation Council and the Expert Committee under the auspices of the State Duma and the Bank of Russia, which look into the need and ways for improving the legislation to effectively use Islamic finance tools in the Russian Federation.

KazanSummit is the main platform for economic cooperation between the Russian Federation and the Islamic World. The Summit was attended by the President of Tatarstan Rustam Minnikhanov. Overall, more than 2,000 participants from 50 countries visited the Summit.

The Islamic (ethical) banking is a system of economic relations based on the sharia principles, which, in particular, prohibit interest on loans and unjust capital gains, and provide for the project risks to be shared by all parties to the transaction. The Islamic financial assets exceed USD 2 trillion. Islamic financial instruments are widely used in OIC countries, with the Middle East and Malaysia being the world’s biggest centres for Islamic banking. However, non-Islamic international financial centres, in particular, Great Britain, Luxembourg and France, also demonstrate interest in Islamic finance.


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E-mail: press@veb.ru


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