The Eurasian Development Bank and VEB sign a cooperation agreement to promote project finance
Sochi, 15 February 2018. The Eurasian Development Bank and the Bank for Development and Foreign Economic Affairs (Vnesheconombank) signed a cooperation agreement in the framework of VEB’s project finance factory – a mechanism for financing investment projects that involve syndicated lending.
The document was signed at the 17th International Investment Forum “Sochi 2018” by Konstantin Limitovsky, Deputy Chairman at the EDB Management Board, and Dmitry Kurdyukov, First Deputy Chairman at VEB.
The agreement envisions that the parties will jointly select and finance investment projects. They also agreed to help arrange government and regional support for factory-launched projects and share information necessary for project assessment. Particular attention will be paid to project monitoring.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
Vnesheconombank is a national development bank and one of Russia's largest financial institutions. Established in 1924, since 2007 VEB has been operating under the special federal law on the Bank for Development. Its supreme management body is the Supervisory Board headed by Dmitry Medvedev, Chairman of the Russian Government.
VEB's development strategy until 2021 focuses on financing high added-value industrial projects, infrastructure development, support for non-resource exports, as well as support for innovations and projects of the National Technology Initiative. Vnesheconombank will reach a new level of quality by proactively searching for projects on the government’s list of priorities, working together with customers to thoroughly analyse business projects, attracting private co-investors, and using state-of-the-art technology to track the progress of projects.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 6147 (Almaty)
VEB Press Centre:
+7 (495) 721 94 90
Contact: Taissiya Yarmak