OREANDA-NEWS. February 04, 2013. VTB Bank and the International Investment Bank (IIB) signed a memorandum of cooperation. The document was signed by VTB Bank President and Chairman of the Management Board Andrey Kostin and IIB Chairman of the Board Nikolay Kosov, reported the press-centre of VTB Bank.

VTB Bank and the IIB plan to jointly implement and finance investment projects, including within the framework of intergovernmental programmes, as well as organise trade financing for large producers and buyers, and collaborate in financial markets. They will launch joint investment projects to improve infrastructure, to increase the production of high-tech products and to create jobs in industry, power generation, transport and other areas.

Moreover, VTB will provide transaction banking services for IIB projects and short-term funding of transactions within IIB projects.

IIB Chairman of the Board Nikolay Kosov said: "The IIB is currently in the active phase of reforms and strategy renewal. Our goal is to become a modern international development bank focused on support for small and medium-sized businesses. The establishment of partner relations with international corporation VTB was not just a major event in our bank’s post-Soviet history, but also a vital stage in its revival as a comprehensive development institution with headquarters in Moscow".

VTB President and Chairman of the Management Board Andrey Kostin said: "VTB Group is Russia’s only international group that offers its services in over 20 countries. The IIB is also working in many of these countries. I am confident that the memorandum we have signed will serve as the basis for future long-term mutually beneficial cooperation between our banks".