The press release states, “State Corporation “Bank for Foreign Economic Affairs” (Vnesheconombank), The Russian Direct Investment Fund (RDIF), China Investment Corporation (CIC) and The Russia-China Investment Fund (RCIF) have today signed a Memorandum of Understanding (MOU), which sets forth a number of principles to promote future cooperation on investments into infrastructure projects and projects in the Russian Far East Region.
Parties have set out three main investment themes that will provide the foundation for a range of future investments in the region. Investments will be focused on projects with growing demand for new infrastructure, logistics, as well as high value-added development and processing of natural resources, and leading manufacturing and services companies with strong credentials.
The signing ceremony took place in Moscow today in the presence of the Russian President Vladimir Putin and the President of the People’s Republic of China Xi Jinping.
Vladimir Dmitriev, chairman of Vnesheconombank, said: “Together with our partners in China we have been financing Russian-Chinese development projects in priority sectors of the economy. These are primarily technology, innovation and energy efficiency amongst others. Our partnership is an important step towards greater economic cooperation between Russia and China.”
Kirill Dmitriev, CEO, The Russian Direct Investment Fund (RDIF) commented: “This opportunity will help to further attract long-term investments into the Russian economy, and will concentrate on investment and development of Russia’s Far East, including the implementation of large-scale infrastructure projects.”
Gao Xiqing, Vice Chairman and President, China Investment Corporation (CIC) said: “This memorandum gives further impetus to the ongoing cooperation between CIC and its partners in Russia to jointly seek investment opportunities with attractive returns and win-win solution”.
Hu Bing, Co-CEO, The Russia-China Investment Fund (RCIF) commented: “Today’s memorandum marks another significant step for the Russia-China Investment Fund. The growing demand for infrastructure in the Russian Far East offers excellent opportunities to deliver on the objectives set out in the memorandum to promote economic development and to achieve strong risk-adjusted returns for our investors”.
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established in spring 2007 in accordance with the Russian Federal Law “On the Bank for Development” on the basis of Vnesheconombank USSR. The Bank’s activity is designed to remove economic growth infrastructure restrictions, modernize and boost non-raw materials economy, high-technology industries as well as to stimulate innovations and the export of high-tech products and implement projects in the special economic zones, projects in environment protection, provide support for small and medium-sized enterprises.”
Read more: Russian Direct Investment Fund Press Release