OREANDA-NEWS. October 28, 2011. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Belgorod region signed an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Belgorod region Government - by Governor Evgeny Savchenko.

The Agreement provides for promoting long-term and effective cooperation in the investment activity and establishing strategic partnership.

Under the Agreement the parties intend to cooperate in raising funds to finance investment projects to be implemented among other things on public private partnership conditions, work out schemes for funding them, cooperate in evaluating investment projects and participate in providing financial support for small and medium-sized enterprises.

Vnesheconombank is to be responsible for coordinating interaction between its subsidiary banks and the Government of the Belgorod region.

Under the Agreement the Government of the Belgorod region has sent a list of investment projects scheduled to be implemented on the region’s territory to Vnesheconombank.

The total value of projects submitted by the region to Vnesheconombank is about 86.8 billion rubles; Vnesheconombank’s potential participation share is 74.7 billion rubles. The implementation of the projects is expected to create more than 15.6 jobs and revenues in budgets of all levels are to amount to 91.2 billion rubles.

This Agreement’s implementation will help to expand investment activity, address problems of the region’s socio-economic development, increase the region’s economic and industrial potential.

As of October 201l, 5 investment projects of the Belgorod region worth 20.1 billion rubles were under consideration at Vnesheconombank, with Vnesheconombank’s participation share being 15 billion rubles. These projects’ implementation is expected to create more than 800 jobs, budget revenues will increase by 1.7 billion rubles.