Brussels, 15/06/2011 (Agence Europe) - The European Investment Bank (EIB) and Vnesheconombank, the Russian Bank for Development and Foreign Economic Affairs, signed a memorandum of understanding, at the end of last week, to modernise the economy of the Russian Federation.
The EIB and Vnesheconombank agreed to consider making available up to €500 million each to finance projects which are in line with their criteria and have been developed under the Partnership for Modernisation launched by the European Union and Russia at their 25th summit in 2010.
The two financial institutions have potential areas for cooperation in energy efficiency, the environment, transport, telecommunications and the EU foreign direct investments related to projects carried out by EU companies in Russia. They will review potential projects initiated by EU and Russian companies or other Russian entities for implementation in Russia, exchange project related information and due diligence results and develop a coordinated approach to implement the individual projects.
EIB Vice-President Eva Srejber said: “This effort will help to strengthen the economic ties between the EU and Russia in the key sectors relevant for driving the growth and innovation, improving transport, and promoting the sustainable low-carbon economy and energy efficiency and addressing climate action”. (O.L./transl.rt)