18.06.2008 /Operations
 On signing a Memorandum of understanding between Vnesheconombank, IBRD and IFC
Today, on June 17, 2008, state corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ signed a Memorandum of Understanding with the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC), the World Bank Group members. On behalf of Vnesheconombank the Memorandum was signed by V. Dmitriev, Chairman of Vnesheconombank. IBRD and IFC were represented by Robert B. Zellik, President of the World Bank. The Memorandum expresses the parties’ intention to foster cooperation in areas of mutual interest. The cooperation areas embrace issues related to Vnesheconombank’s institutional development as a state bank for development, financing infrastructure facilities, as well as developing public-private partnership (PPP) mechanisms. The Document defines that it is through joint financing of infrastructure projects that Vnesheconombank could diversify risks, raise additional funds for financing, identify new areas of activities benefiting from the expertise offered by IBRD and IFC in project elaboration and evaluation. The forms of joint financing would include parallel investments by Vnesheconombank and IFC, risks spreading mechanisms, as well as creating regional funds to finance municipal projects. The Memorandum also envisages IBRD’s assistance to Vnesheconombank in setting up the PPP structure, reinforcing HR potential in the PPP area, elaborating methodologies and recommendations related to projects selection and evaluation, as well as rendering due and prompt assistance in implementing the PPP principles. Within the cooperation framework, it is envisaged that IBRD, IFC and Vnesheconombank would seek to devise joint programs in the area of environment protection, energy efficiency and sustainable financing. Vnesheconombank intends to consider opportunities of cooperation with IBRD that would help identify projects related to enhancing energy efficiency, as well as other projects aimed at reducing green house emissions and complying with the requirements of mechanisms known as Joint Implementation (JI) of the Kyoto Protocol. IFC and Vnesheconombank will jointly elaborate and launch an Internet portal intended for the Russian small- and medium size enterprises (SMEs) drawing on the international expertise of IFC in the respective area. The portal will provide the Russian SMEs with the information on sources of funding, as well as with practical recommendations for enhancing their activities. IBRD will offer recommendations on deepening and broadening financial intermediation through wholesale mechanisms that would ensure SMEs’ access to sources of funding at the regional level. 
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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