OREANDA-NEWS. May 28, 2009. State Corporation ‘Bank for Development and foreign Economic Affairs (Vnesheconombank)’ and the Government of the republic of Mordovia entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Government of the Republic of Mordovia – by the Republic’s Head Nikolay Merkushin.

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

Under the Agreement the parties intend to cooperate in raising funds to finance investment projects scheduled to be implemented on the Republic’s territory. Top priority is to be given to projects in electric power industry, smelting industry, timber industry, agro-industrial complex as well as in high technology sector. A list of projects is to be made on the basis of the Republic of Mordovia’s Socio-Economic Development Strategy up to the Year 2025 and Vnesheconombank’s main lines of activity.

The implementation of this Agreement would help to boost investment activity aimed at developing the Republic of Mordovia’s industrial, socio-economic and infrastructure potential.