OREANDA-NEWS. Today, in the course of Russian President Vladimir Putin’s formal visit to the Kingdom of Saudi Arabia Vnesheconombank and CJSC Roseximbank signed a Memorandum of Understanding and Cooperation in Promoting Industrial Exports.

The document is designed to create favorable conditions for implementing joint investment programs among other things in supporting industrial exports of national mechanical engineering complexes and will encourage closer cooperation between Russian and Saudi business circles.

At present, the two sides are holding preliminary consultations on identifying and selecting potential investment projects to be carried out within the Memorandum.

The Memorandum also provides for promoting cooperation with Saudi financial institutions as well as for joint mid-term and long-term financing of Russian and Saudi mechanical engineering high-tech products manufacturers.