OREANDA-NEWS. In the course of the Moscow International Forum "Open Innovations" State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)', the Skolkovo Foundation and Bpifrance Financement SA entered into an agreement on cooperation in order to engage French companies for the Skolkovo Innovation Center's projects.

On behalf of Vnesheconombank the agreement was signed by Vnesheconombank Deputy Chairman Mikhail Kopeikin, on behalf of the Skolkovo Foundation - by acting Board Chairman - Senior Vice President Igor Drozdov and on behalf of Bpifrance Financement SA - by Executive Director Arnaud Caudoux.

Under the agreement signed Bpifrance Financement SA plans to be instrumental in establishing subsidiary institutions of French companies in Russia that are small and medium-sized institutions involved in undertaking innovation activities.

French business is to be provided with insurance protection against potential economic risks in Russia covering up to 50% of possible losses.

As part of his cooperation and in accordance with the Russian laws the Skolkovo Foundation plans to give subsidiary institutions of French companies a status of the project's participants that grants them the right to tax privileges, reimbursement of customs duties and access to the Skolkovo Innovation Center's infrastructure. The project's participant status will allow subsidiary institutions of French companies to qualify for grants upon funding investment projects.

Vnesheconombank expressed intention to coordinate interaction between the parties to the agreement as well as examine and fund projects presented by residents of the Skolkovo Foundation.