OREANDA-NEWS. August 16, 2007.  In the course of the meeting of the Shanghai Cooperation Organization (SCO) Interbank Consortium timed to coincide with the SCO summit, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and Kazakhstan Development Bank entered into an Agreement on Cooperation in Bishkek.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and Kazkhstan Development Bank Board Director Askar Sembi.

The Agreement aims to encourage the comprehensive development of the two countries’ atomic industry and energy sector through participating in financing projects associated with advanced high-technology production facilities designed to produce radioisotopes, radio pharmaceutical medicines and other atomic industry products on the basis of Kazakh and Russian companies.

The Agreement provides for participating in funding projects aimed at creating alternative sources of energy including low output nuclear power stations, which could be built first of al place on the basis of the existing facilities in the city of Kurchatov of the eastern Kazakh region.

Under the Agreement the two sides are determined to promote the development of Russian and Kazakh transit-transport potential by way of financing relevant projects in border areas, namely in the Altai and eastern Kazakh regions.

The Agreement would further promote the integration of the two countries’ economies in high-technology production sector and would also encourage the comprehensive development of Kazakh and Russian border regions.