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 Econopmic Affairs (Vnesheconombank) and the Settlement and Saving Company (Kyrgyzia) entered into an Agreement on Cooperation.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and Settlement and Saving Company General Director Ruslan Akmatbekov.

The Agreement aims to promote all-round and long-term cooperation as well as strategic partnership in Russian, Kyrgyz and international markets.

Under the Agreement the two sides intend to optimize currency, financial and credit as well as payment transactions in funding investment projects including project financing in order to encourage the development of the two countries’ export sectors. Top priority will be given to customers participating in Russian-Kyrgyz goods turnover and producing export goods.

The two sides are also determined to explore opportunities for both extending and raising syndicated loans to finance projects of mutual interest through establishing banking consortiums and other interbank associations.