OREANDA-NEWS. January 21, 2013. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the International Investment Bank (IIB) entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Chairman Vladimir Dmitriev and on behalf of IIB – by Board Chairman Nikolai Kosov.

The parties are exploring the opportunity to jointly participate in implementing investment projects including those aimed at supporting exports of Russian products and services to International Investment Bank member countries. Based on development banks’ functions and objectives the Agreement provides for expanding cooperation between the two financial institutions on Russian and international markets in order to develop and modernize the Russian economy and support economic cooperation between IIB member countries.

The International Investment Bank is an international financial institution established and operating on an appropriate intergovernmental agreement. IIB members are Bulgaria, Vietnam, Cuba, Mongolia, Russia, Romania, Slovakia and Czechia. The Russian Federation has the largest stake in IIB capital (44.7%).

IIB’s activity is aimed at funding small and medium-sized enterprises and supporting economic cooperation between IIB member countries. For the most part, the Bank uses agency funding principle.

The Bank gives high priority to cooperation with national and international financial institutions. The Bank focuses on opening targeted credit lines for national development banks and IIB member countries’ export-import banks as well as on participating in programs aimed at syndicated funding of investment projects.