OREANDA-NEWS. Vnesheconombank and Harbin Bank (P.R.C.) agreed to establish a group of innovation support funds with a target volume of investments of up to $US700,000,000. The Memorandum of Understanding and the Framework Agreement were signed at the 4th Russian-Chinese EXPO in Harbin (P.R.C.). On behalf of Vnesheconombank, the documents were signed by First Deputy Chairman - Member of the Management Board Nikolay Tsekhomsky, and on behalf of Harbin Bank, by its President Mr. Zhang Qiguang. The signing ceremony took place in the presence of the RF Minister of Economic Development Maksim Oreshkin.

Moreover, the parties signed Letters of Intent with Russian technological companies whose projects may be included in the portfolio of the future funds.

The funds are intended to promote cooperation between the governments, financial institutions and science and technology enterprises of the two countries and to stimulate manufacturing application of research and engineering developments with the help of venture capital investments so as to further transform and integrate the local economy and develop bilateral trade and economic cooperation.

“We expect that within a very short time we will begin investing in pilot transactions, the preliminary list of which is now being considered by our teams. We hope that our positive example in the sphere of support of high-priority innovation projects will be a good signal for the market and will help attract additional investors for the funds and in general facilitate the development of the Russian-Chinese investment cooperation,” – noted Nikolay Tsekhomsky.