OREANDA-NEWS. May 26, 2010. Vladimir Dmitriev reported to the President that Vnesheconombank has developed a special programme to promote modernisation and innovation projects in 2010-2014. Vnesheconombank also signed a cooperation agreement with key Russian development institutes, which will encourage financing at all stages of the innovation cycle.

President Medvedev emphasised the importance of supporting small and medium-sized companies involved with innovation.

Mr Medvedev and Mr Dmitriev also discussed the issue of socioeconomic development in the North Caucasus, including VEB’s participation in projects aimed at the development of tourism and recreation cluster in the region.

The President noted that turning the North Caucasus into a centre for mountain tourism would provide millions of people with opportunities for recreation and would create 150,000 new jobs, which is highly important for this region.