OREANDA-NEWS. State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)'and the Government of the Bashkortostan Republic entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Chairman Vladimir Dmitriev and on behalf of the Government of the Bashkortostan Republic - by President Rustem Khamitov.

Vnesheconombank and the Government of the Bashkortostan Republic intend to cooperate in raising funds to finance investment projects implemented among other things on the terms of public private partnership and work out schemes for supporting them. The parties also plan to cooperate in preparing project evaluations and assist in developing small and medium-sized enterprises.

Under the document the parties agreed to hold meetings of their representatives to discuss coordination and work out joint measures and programs.

The Agreement's implementation would help to encourage investment activity, address issues of the Republic's socio-economic development, enhancing its economic and industrial potential.

At present, there are 4 projects of the Bashkortostan Republic at Vnesheconombank which are at various stages consideration and implementation in the total amount of 20 billion rubles. As a result of implementing investment projects about 1,500 new jobs are expected to be created, budgetary effect is to amount to 10 billion rubles.