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Jun 21, 2013

Russian Railways and Vnesheconombank agree on joint implementation of investment projects abroad

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Russian Railways and the Bank for Development and Foreign Economic Affairs State Corporation (Vnesheconombank) have signed a cooperation agreement to implement export and investment projects in foreign countries.

The agreement was signed by Vladimir Yakunin, President of Russian Railways, and Vladimir Dmitriev, Chairman of Vnesheconombank, at the St. Petersburg International Economic Forum on Thursday, 20 June 2013.

The parties intend to cooperate on implementing export and investment projects in foreign countries aimed at producing and implementing high-tech industrial products manufactured in Russia, supporting the export of products, services and technologies (including with the aim of diversifying the country's exports) and strengthening the competitiveness of Russian organisations on the global market.

The document provides for a comprehensive study of export and investment projects abroad in order to identify opportunities to participate in their financing, and also to arrange project financing if they meet the requirements of Vnesheconombank's Memorandum on Financial Policies and a positive result of in terms of their financial viability.

The parties believe that implementing the agreement will ensure increased access for Russian companies and their goods and services to global markets.

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