OREANDA-NEWS. State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' and IFC (the International Finance Corporation which is a member of the World Bank Group) signed a Memorandum of Understanding designed to expand cooperation in various sectors.

On behalf of Vnesheconombank the Document was signed by Chairman Vladimir Dmitriev and on behalf of IFC - by Executive Vice President and Chief Executive Officer Jin -Yong Cai.

The parties agreed to explore the possibilities to jointly fund (directly or through subsidiary institutions) projects to be implemented on the territory of the Russian Federation. The parties expressed their intention to focus primarily on developing high-technology ecologically clean and safe production facilities as well as on projects on waste processing and waste-water treatment. Top priority is also to be given to projects designed to develop power engineering, increase energy efficiency, modernize infrastructure and improve quality of communal services.

The parties believe that projects could be financed through using various financial instruments including loans and extending guarantees. Decisions on funding projects are to be made on the basis of expert evaluations and approvals by the corporations' corporate governance bodies.