OREANDA-NEWS. November 03, 2010.As part of the Long Term Investors’ Club’s meeting in Venice (Italy), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Morocco’s State-Run Investment Fund – Caisse de Depot et de Geston Group (CDG) entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of CDG – by Secretary General – Said Laftit.

In accordance with the Agreement the parties intend to promote cooperation by financing long-term investment projects implemented by Moroccan and Russian companies.

This Agreement would help to promote economic ties between the Russian Federation and the Kingdom of Morocco.

Caisse de Depot et de Gestion Group is a state-run investment fund performing a number of financial development institution’s functions was established in 1959 as an institution responsible for managing savings of legal and natural entities of the Kingdom of Morocco. CDG Group is one of Morocco’s key institutional investors. It undertakes its activity through subsidiary companies responsible for carrying out industrial infrastructure development programs as well as programs to develop tourist and housing construction infrastructure, they are also responsible for managing pension funds portfolios, providing banking and financial services as well as for providing insurance and re-insurance in the field of investments and foreign trade.

The Long Term Investors’ Club was established in 2008 in order to share experience, coordinate activities and promote joint initiatives by the largest financial institutions and companies in the field of long-term projects and investments. Vnesheconombank has been a full-fledged member of the Club since June of 2009. The Club incorporates such financial institutions as Caisse des Depots et Consignations (France), Cassa Depositi e Prestiti (Italy), KfW Bankengruppe (Germany), the European Investment Bank (EC), the China Development Bank (China), Mubadala (UAE), Caisse de Depot et de Gestion Group (Morocco) and others.