OREANDA-NEWS. November 07, 2011.A round table discussion on enhancing investment climate in the Russian Federation and on setting up an international financial (IFC) in Moscow was held at Vnesheconombank’s Representative Office in London. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Russian-British Chamber of Commerce (RBCC) acted as organizers of the round table discussion.

Among the speakers at the round table discussion attended by representatives of British business, financial and official circles were Russian ambassador to Great Britain Alexandr Yakovenko, Russian Central Bank First Deputy Chairman Alexei Uluykaev, Board Member - Vnesheconombank First Deputy Chairman Nikolai Kosov. Alexei Ulykaev told the round table discussion’s participants in great detail about main lines of the Central Bank’s monetary policy, microeconomic and financial stability in Russia. Representatives of the British business community were informed on the reforms being carried out by the Russian Government to boost Russia’s investment appeal and set up an international financial center as well as on sustainable national economic indicators and plans for Russia’s infrastructure development.

Alexandr Yakovenko informed the participants on the results of British Prime Minister David Cameron’s visit to Moscow in September of 2011 and on the accords reached at the talks with the Russian leadership on deepening bilateral cooperation in specific areas including the creation of an international financial center in Russia, a new important role of such Russian institutions as the Agency for Strategic Initiatives and the Russian Direct Investment Fund.

Nikolai Kosov told the round table discussion’s participants about establishing Russia’s Export Credit and Investment Insurance Agency and its role in boosting the Russian economy and Russian-British cooperation. A conceptual decision on setting up a specialized financial institution responsible for insuring export credits and investments by Vnesheconombank was made by the Bank’s Supervisory Board in July of 2010.

The Agency’s charter and governing bodies were approved in September of 2011. The Agency is expected to start operating in 2011.

The Russian delegation held a number of talks with the management of London-based financial institutions and representatives of British official circles. At a meeting with Alderman David Wootton (he is to take office as Mayor of the City on November 11, 2011) and the management of TheCityUK we reached accords on our further cooperation, identified plans and priorities of the Russian-British Working Group on Creating an International Financial Center in Moscow.

The Russian-British Working Group was established in June of 2011 to help set up an International Financial Center in the Russian Federation. The first meeting of the Working Group took place at Vnesheconombank on June 27, 2011.