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On Signing Agreement between Vnesheconombank and Macquarie Renaissance Infrastructure Fund L.P.

12 august 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Macquarie Renaissance Infrastructure Fund L.P. (MRIF) entered into an Agreement on Making Joint Investments in Infrastructure Projects.

Under the Agreement Vnesheconombank is to participate in capital of Russian mutual investment funds to be established by Renaissance Capital Holding Limited by purchasing stakes of these funds. Russian mutual funds are to invest funds jointly with MRIF in infrastructure projects on the territory of Russia and CIS countries. Vnesheconombank’s funds are to be invested in proportion to its participation share. The Agreement provides for Vnesheconombank’s participation share to be up to 200 million US dollars.

More than 50% of Russian and foreign mutual funds’ financial resources are scheduled to be used for implementing projects of the territory of the Russian Federation, about 25% - on the territory of Kazakhstan and Ukraine and the remaining financial resources - in other CIS countries.

Investments are scheduled to be made in infrastructure projects, including projects in motorway construction, airport and port construction, housing communal services, railway transportation and telecommunications infrastructure.

At present, the total value of projects under consideration is more than 3 billion US dollars.

Russian mutual investment funds’ activity would help raise direct foreign investments for the Russian economy.

The Memorandum of Understanding between Vnesheconombank, the Eurasian Development Bank, Kazyna Capital Management (Kazakhstan), Renaissance Holding Limited and Macquarie Capital Group Limited was signed in 2008 in the course of the 12th Petersburg International Economic Forum.

MRIF’s main participants are IFC (the World Bank Group), the European Bank for Reconstruction and Development, Kazyna Capital Management, Renaissance Capital Holding Limited and Macquarie Capital Group Limited.

A decision on Vnesheconombank’s participation in making joint investments in infrastructure projects jointly with MRIF was made by Vnesheconombank’s Supervisory Board on June 1, 2009.


From left to right: Stephen Jennings - CEO Renaissance Group,
Andrew Hunter - Executive Director of Macquarie Group,
Vladimir Dmitriev - Vnesheconombank's chairman

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 
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