OREANDA-NEWS. October 12, 2010.  As part of an annual session of the International Monetary Fund and the World Bank in the city of Washington, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Latin American Association of Financial Development Institutions (ALIDE) signed an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of ALIDE – by its Secretary General Rommel Acevedo.

The Agreement aims to strengthen and promote long-term cooperation between Vnesheconombank and Latin American financial development institutions in the areas of mutual interest. The parties intend to explore the possibility of financing investment projects jointly in infrastructure and the fuel and energy sector.

Increased contacts with Latin American financial development institution are expected to expand the geography of Russia’s machinery products exports.

Asociacion Latinoamericana de Instituciones Financieras para el Desarrollo (ALIDE) is an international institution of Latin American development banks founded in 1968 in order to unite and coordinate activities of state-run investment institutions of Inter-American Development Bank member countries. ALIDE incorporates more than 80 financial institutions of 23 Latin American countries. ALIDE’s associated members are KfW (Germany), BDC (Canada), Instituto de Credito Official (Spain) and the China State Development Bank. ALIDE’s headquarters are located in the city of Lima (Peru).