OREANDA-NEWS. December 4, 2008. At a meeting of Bahraini and Russian business circles in the course of King of Bahrain, Sheikh Hamad Bin Isa al-Khalifa’s formal visit to the Russian Federation, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Bahrain Development Bank entered into a Memorandum on Understanding and Cooperation.

The Memorandum was signed by Management Board Member – Deputy Vnesheconombank Chairman Petr Fradkov and Bahrain Development Bank Chairman Nidal Saleh al-Aujan.

The Memorandum is the first Russian –Bahraini agreement in the financial sphere. In particular, the Memorandum aims to lay the groundwork for implementing joint investment programs and would help to increase trade turnover between the two countries and would promote small and medium-sized businesses in Russia and the Kingdom of Bahrain.

The Memorandum provides for expanding cooperation with Bahraini financial institutions, joint financing of exportation of goods and services to third countries, above all, to Arab countries. The Agreement also aims to advance Russian industrial producers’ interests in the following industries: mechanical engineering, transport, building materials and timber processing.

The two sides see the Memorandum as a step to expanding trade and economic cooperation between the Russian Federation and the Kingdom of Bahrain.