OREANDA-NEWS. State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' and the Federal Agency for Research Organizations (FARO) entered into an agreement on cooperation.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of FARO - by its Head Mikhail Kotyukov.

The agreement provides for developing all-round and efficient cooperation to enhance public private partnership that is instrumental in implementing investment projects. The parties identified the following basic lines of their cooperation:
* developing innovation activities thatmake it possible to identify technological innovationsas a result of research and development;
* enhancing research activities focused on developing new products and technologies;
* creating conditions for introducing research and development results in the real economy.

The Federal Agency for Research Organizations (FARO)is a federal executive authority responsible for regulatory and legal regulation and for providing government services on organizing activities undertaken by its subordinate organizations in such sectors as science, education, healthcare, agro-industrial complex as well as in managing federal property of its subordinate organizations. The Agency performs functions and exercises powers of the founder and the owner of federal property vested in its subordinate organizations. The Agency is run by the Government of the Russian Federation.