OREANDA-NEWS. June 06, 2011. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Renova Group of Companies entered into an Agreement on cooperation in implementing investment projects and programs in biotechnological, medical and pharmaceutical sectors.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Renova Group of Companies - by its Board Chairman Victor Vekselberg.
Under the Agreement the parties are determined to cooperate in raising funds to finance investment projects and programs in manufacturing medical equipment and products for medical purposes, manufacturing raw materials for pharmaceutical industry and medications as well as developing biological and pharmaceutical technologies.

The Agreement’s implementation would help reduce imports and develop high technology production facilities that do not have analogues on the Russian territory, create new jobs, and increase tax revenues in the budgets of all levels.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ is a key instrument for pursuing government economic policies. The Bank’s activity is aimed at overcoming economic growth infrastructure restrictions, increasing natural resources utilization efficiency, developing high technology industries, encouraging innovations, supporting high technology products exports, providing support for small and medium-sized enterprises as well as for exports of agricultural and industrial products and services, among other things, in order to diversify national exports. In 2009, development of medical equipment and pharmaceutics was included in the list of sectoral priorities of the Bank’s Memorandum on Financial Policies.

The Renova Group of Companies is Russia’s leading business-group owning and managing assets in smelting, oil, mining, chemical and construction industries, power engineering, telecommunications, high technology mechanical engineering, housing and communal services, financial sector in Russia and abroad (CIS countries, Switzerland, Italy, South Africa and the U.S.). Renova’s largest assets are its stakes in such companies as TNK-BP, UC RUSAL, KES as well as in Swiss technological concerns OC Oerlikon and Sulzer.