OREANDA-NEWS. On 6 February 2008 was announced, that Centreinvest Group, a leading independent Russian investment bank and member of My Bank Group, had signed a long-term agreement with the administration of the Voronezh Region to implement strategies for the social and economic development of the region through public-private partnerships.

The two sides will work together to find optimal ways to repurpose industrial and other properties in the city of Voronezh, which will become investment opportunities for housing and municipal development as well as commercial construction. The agreement also aims to carry out a modernization program for industrial enterprises, and the realization of innovative projects for the development and launch of hi-tech, competitive products.

“To enable effective cooperation with the regional administration we have put all the pieces together: a mutual understanding, an interesting and attractive product, and the necessary resources,” said Oleg Preksin, chairman of the Board of Directors of Centreinvest Group. “Voronezh has significant investment potential. We will apply all our efforts to attract working resources for the best return for both the region and for businesses.”

For its part of the agreement, Centreinvest Group will organize the selection of potential properties, including the preparation of cost estimates. It will also offer practical assistance in addressing financial questions regarding relocation from Voronezh. The Group is already negotiating with a number of international financial institutions who have expressed interest in the project and will also assist in attracting investors for the reconstruction of the properties which will be developed for the relocated enterprises and those free up for new development.

The administration of the Voronezh Region will give Centreinvest Group all necessary information about the enterprises that are candidates for moving, including details for preparing business plans connected with moving from Voronezh and carrying out negotiations with potential creditors, investors, and other interested parties.

Centreinvest Group plans to reach similar agreements with other regional administrations.