OREANDA-NEWS. July 23, 2010. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Federal Housing Construction Development Fund signed a Memorandum on Cooperation in order to confirm the possibility of Vnesheconombank’s participation in working out a scheme for financing the construction of engineering and social infrastructure facilities and in making capital investments in construction carried out as part of measures to promote housing construction in implementing projects of the Federal Housing Construction Development Fund.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Federal Housing Construction Development Fund – by its General Director Alexandr Braverman.

Under the Memorandum signed, the parties intend to promote all-round cooperation and consider the possibility of their joint participation in implementing projects aimed at providing the Fund’s building estates with engineering and social infrastructure including pilot projects too.

The Memorandum provides for cooperation between the parties in the following fields: analyzing and developing schemes for implementing projects based on public private partnership mechanisms, gathering of macroeconomic, legal and financial and credit information that might influence the implementation of projects, assessment and comprehensive analysis of project risks.

The Memorandum’s implementation would promote the development of public private partnership mechanisms as an effective form of cooperation between the state and private sector in financing large-scale comprehensive housing development projects in the Russian Federation.