OREANDA-NEWS. September 20, 2010. As part of the 9th Sochi-2010 International Investment Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Administration of the Volgograd region signed a Protocol of Intent.

On behalf of Vnesheconombank the Protocol was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Volgograd region by Head of the Administration Anatoly Brovko.

The Memorandum reaffirms the parties’ intention to enter into agreements on investment consulting to prepare a comprehensive project aimed at creating the National Victory Center.

The Project to create the National Victory Center is a comprehensive development project incorporating a general program to develop the Volgograd region’s territory involving not only the restoration of the composition center of the Historical Memorial Complex to the Heroes of the Stalingrad Battle but also projects aimed at reconstructing and developing tourism infrastructure, transport, housing and communal services.

Under the Protocol signed:
Vnesheconombank is to examine the Volgograd region’s regulatory and legal network regulating public private partnership (PPP), render technical assistance to the region’s Administration in preparing programs of training and retraining government and municipal employees specializing in PPP.
The Administration of the Volgograd region is to take a number of measures for upgrading its regulatory and legal framework in the public private partnership sector in order to implement the Victory Project and other projects on the conditions of public private partnership and is to provide Vnesheconombank with relevant information on this project to prepare an investment consulting agreement.

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.