OREANDA-NEWS. February 19, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Arkhangelsk Region Administration entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Arkhangelsk Region - by Head of the Administration Ilya Mikhalchuk.

This Agreement aims to establish strategic partnership and promote long-term effective and mutually beneficial cooperation between the parties in investment activity.

Under the Agreement the parties intend to cooperate in raising funds to finance investment projects planned to be implemented on the territory of the Arkhangelsk region. Top priority will be given to projects in timber industry, machine-building sector and transport infrastructure. A list of projects is to be identified on the basis of the Arkhangelsk region’s Strategy of Socio-Economic Development up to the year 2030 and on Vnesheconombank’s main lines of activity.

The implementation of this Agreement will help address the issues of integrating the state’s and private investors’ investment potential, supporting small and medium business, encouraging investment activity aimed at boosting industrial, socio-economic and infrastructural potential of the Arkhangelsk region.