OREANDA-NEWS. February 18, 2010. In the course of Abkhazian President Sergei Bagapsh’s formal visit to the Russian Federation, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Universal-bank (LLC) (Abkhazia) entered into a General Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of Universal-bank - by the bank’s Board Chairman Beslan Eshba.

The Agreement aims to promote all-round and long-term cooperation between the parties, boost trade and economic partnership between Russia and Abkhazia.

Under the Agreement the financial institutions intend to expand trade and economic cooperation between Russia and Abkhazia through providing banking services, above all to companies and industries that give top priority to foreign trade, joint production and developing infrastructure of the both parties.

Cooperation is to be expanded on the basis of considering and implementing specific projects.

The parties have determined their main lines of cooperation such as expanding financial services and settlements, especially under the program of export financing, greater cooperation in project financing to make joint investment projects more effective and profitable.

The parties give high priority to projects in developing infrastructure, tourism, communications and power engineering as well as projects to boost small and medium-sized enterprises.

The financial institutions intend to work out programs of trade financing, for the most part, pre-export financing to expand trade and economic cooperation between Russia and Abkhazia.

Vnesheconombank expands interbank cooperation with the Republic of Abkhazia under the Russian-Abkhazian Agreement on Friendship, Cooperation and Mutual Assistance.

Commercial bank (LLC) Universal-bank is a joint stock bank authorized by the Abkhazian leadership to develop and implement a conceptual program of rebuilding and developing the Abkhazian economy.