Vnesheconombank and Black Sea Trade and Development Bank Sign Memorandum

Today, on May 21, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and Black Sea Trade and Development Bank signed a Memorandum of Mutual Understanding.

The Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and Black Sea Trade and Development Bank Chairman Hayrettin Kaplan.

The Memorandum aims to strengthen and expand long-term cooperation between the two financial institutions in trade and project financing, syndicated credits as well as in other fields of mutual interest.

Under the Memorandum signed, Vnesheconombank and Black Sea Trade and Development Bank are determined to explore the possibility of jointly financing projects in Black Sea basin countries among other things in order to support small and medium-sized business.

The two sides are also determined to jointly finance projects in transport infrastructure, power engineering, and environment protection, that is, the projects that would help diversify and innovate the Russian economy.

Black Sea Trade and Development Bank, Thessalonki, Greece founded in January 1997 was established to support the development of Black Sea basin countries’ economies and boost regional cooperation. Its founders and owners are the governments of the following 11 countries: Russia Greece, Turkey, Bulgaria, Ukraine, Romania, Albania, Azerbaijan, Armenia, Georgia and Moldova.

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

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