OREANDA-NEWS. January 25, 2008. Sovcomflot and State Corporation "Bank for Development and Foreign Economic Affairs" (Vnesheconombank) entered into an Agreement on co-operation.

The document was signed by Sergey Frank, Sovcomflot President, and by Vladimir Dmitriyev, Vnesheconombank Chairman.

The Agreement is aimed at establishing good partners’ relations and long-term mutually beneficial co-operation in shipbuilding and shipping, including seaborne trade, acquisition and operation of vessels.

The Agreement provides for joint development of financing schemes and implementation of investment projects by the experts of Sovcomflot and VEB designed to eliminate infrastructural barriers restraining economic development in maritime shipping and will contribute to fulfilling the Federal Programme “Basic Trends of Development of Maritime Technologies for 2009-2016”, approved by the Government of the Russian Federation on 8 November 2007.

The document stipulates that consultative and information services in the field of maritime transport should be rendered by the experts of Sovcomflot and VEB.

As Sergey Frank noted, “co-operation with Vnesheconombank will enhance Sovcomflot Group’s potential in the interests of national economics while implementing capital-intensive transport and energy projects, including Arctic offshore development.”