OREANDA-NEWS. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the International Bank for Reconstruction and Development (IBRD) signed an Agreement on Providing Consulting Services.

The Agreement provides for IBRD to provide consulting services to Vnesheconombank on establishing an effective system to manage innovation activity on a regional level.

Under the Agreement Vnesheconombank jointly with IBRD, the Russian Venture Company (OJSC) and the Fund for Infrastructure and Educational Programs plan to participate in funding a project to improve regional innovation systems in the Russian Federation.

The project provides for setting up an effective system to manage innovation activity on a regional level. The system is designed to develop a unified date base on innovations functioning on the Internet. The launch of this system will make it possible to monitor and spread information on innovation activity in Russian regions as well as plan and implement regional innovation strategies and programs.