EDB and VTB Signed Memorandum on Co-operation

Igor Finogenov, Chairman of the EDB Executive Board, and Andrei Kostin, President & Chairman of the Board of VTB, signed a memorandum on co-operation.

This document is aimed at strengthening the mutually beneficial partnership between the EDB and VTB and efficient utilisation of their potential. Particularly, the memorandum provides that the parties will finance joint projects, e.g. under intergovernmental programmes (with a value of $50 million or higher); arrange trade financing by large producers and buyers; and co-operate on financial markets and stock exchanges and in connection with certain projects and clients.

Andrei Kostin commented that “Eurasia has vast economic potential. Therefore we are interested in long-lasting co-operation with the EDB. Today’s memorandum provides that we will make concerted efforts under investment projects aimed at infrastructure development, boosting the output of high-end, high-value-added products, and creating new jobs. I have no doubt that our work will assist economic growth and integration in Eurasia”.

Igor Finogenov said, “Even now the projects being implemented by the EDB bring about an increase in mutual investments by Russia and Kazakhstan by 7.5%. As a development bank we co-operate with major national financial institutions in the region, and welcome partnership with VTB. Our joint projects will increase export and import of Russian and Kazakh goods and equipment, thus assisting mutual trade and investments”.