OREANDA-NEWS. September 19, 2011. In the course of the 10th Sochi 2011 International Investment Forum State Corporation ‘Bank for Development and Foreign economic Affairs (Vnesheconombank)’ and the Government of the Republic of North Ossetia-Alania entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Government of the Republic of North Ossetia-Alania by Prime Minister Nikolai Khlyntsov.

The Agreement provides for promoting long-term and effective cooperation in the investment activity and establishing strategic partnership.

Under the Agreement the Parties intend to cooperate in raising funds to finance investment projects among other things on the conditions of public private partnership, work out schemes for financing them and cooperate in conducting expert examination of projects and participate in accordance with established procedure in taking measures to provide financial support for small and medium-sized enterprises.

In its turn Vnesheconombank is to coordinate interaction between the Government and its subsidiary banks.

Under the Agreement the Government of the Republic of North Ossetia-Alania submitted a list of investment projects scheduled to be implemented on the Republic’s territory to Vnesheconombank.

The total value of projects submitted to Vnesheconombank is about 9.1 billion rubles; Vnesheconombank’s possible participation share is 7.6 billion rubles. As a result of the investment projects’ realization budget revenues in the budgets of all levels are expected to amount to 5.2 billion rubles. More than 2 thousand jobs are planned to be created. In order to make arrangements for establishing interaction between the parties, a working group was set up. It will be responsible for coordinating joint activities of the Republic’s Economic Development Ministry and Vnesheconombank’s Representative Office in the city of Pyatigorsk as well as for selecting investment projects to be implemented in the Republic of North Ossetia-Alania with Vnesheconombank’s participation.

This Agreement’s implementation will help to boost investment activity, address issues of the Republic’s socio-economic development, and enhance its economic and industrial potential.