OREANDA-NEWS. September 20, 2010. As part of the 9th Sochi International Investment Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Chechen Republic entered into a Protocol of Intent on Cooperation in Promoting Public Private Partnership (PPP) in the Chechen Republic.

On behalf of Vnesheconombank the Protocol was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Chechen Republic Government – by Chairman Odes Baisultanov.

The Protocol reaffirmed the parties intention to enter into an agreement on providing investment consulting services in preparing (structuring) a complex of projects aimed at modernizing utilities and social infrastructure, addressing environmental issues as well as upgrading the industrial sector on PPP conditions under Russian Government Order dated August 17, 2010, № 1372-r.

The Protocol was concluded to build on the Agreement on Cooperation signed in October of 2005 between the Government of the Chechen Republic and Vnesheconombank.

Subject to Russian Government Order dated August 17, 2010, № 1372-r State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’was appointed as the sole provider of investment consulting services for state needs of constituent entities of the Russian Federation. The fact that Vnesheconombank was given the power to provide consulting services without holding tenders does not mean any limitation of competition since it does not rule out the possibility of hiring other investment consultants as part of competitive procedure or cooperation with international financial institutions.