OREANDA-NEWS. State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' and Da Vinci Capital Management Limited (DVC) signed a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of DVC - by the Fund's Executive Partner Oleg Jelezko.

The parties plan to provide financial support for small and medium-sized enterprises, implement infrastructure projects as well as projects in high technologies and innovations, energy efficiency and energy conservation, healthcare and pharmaceuticals on the territory of the Russian Federation.

Under the Memorandum VEB intends to explore the possibility of participating in Da Vinci Private Equity Fund II L.P. The expected participation share is about 60 million U.S. dollars. The funds are scheduled to be invested in projects worth from 20 to 200 million U.S. dollars, which are in line with requirements of the Memorandum on Vnesheconombank's financial policies and strategy. Participation in projects might be carried out through providing credits and guarantees.

The Memorandum's implementation would assist in raising direct investments for Russia.

Da Vinci Capital (DVC) is one of the leading independent private equity companies focusing on Russia and other CIS countries. DVC launched a Direct Investment Fund II (Fund II) whose target amount is 200 million U.S. dollars.

This project's participants include the European Bank for Reconstruction and Development (EBRD) whose amount of investments is 30 million U.S. dollars as well as a number of major international investors including two global funds of funds. DVC has considerable expertise and experience in creating value in portfolio companies and sees excellent prospects of growth in the financial infrastructure sector. The Fund's investments are to be made above all in Russia as well as in Kazakhstan with subsequent access to other EurAsEC countries.