OREANDA-NEWS. January 26, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, Cuba’s Transportation Ministry and OJSC United Shipbuilding Corporation signed a Memorandum on Cooperation at a meeting of the Intergovernmental Russian-Cuban Commission for Economic, Research and Technology Cooperation

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of Cuba’s Transportation Ministry – Transportation Minister Jorge Luis Sierra Cruz and on behalf of OJSC United Shipbuilding Corporation – President Vladimir Pakhomov.

The Memorandum provides for the parties to cooperate in designing and constructing ships and marine equipment at Russian shipbuilding production facilities.

Under the Memorandum the parties intend to jointly work out financing schemes and identify financing sources to construct ships at Russian shipbuilding yards in the interest of Cuba’s Transportation Ministry, among other things, on leasing terms as well as to prepare appropriate proposals in the both countries’ Governments.

Under the Memorandum on Vnesheconombank’s Financial Policies, support for industrial exports and services is one of Vnesheconombank’s main lines of investment activity and development of shipbuilding is one of the Sate Corporation’s investment activity industrial priorities.

The signing and further implementation of the Memorandum would promote economic ties between the Russian Federation and the Republic of Cuba.