OREANDA-NEWS. December 18, 2013. Sberbank of Russia, Tekhnopromexport (part of the State Corporation “Russian Technologies”) and the Abu Dhabi Investment Company (Invest AD) signed a three-party agreement of intent to begin cooperation in North Africa and the Middle East. Sberbank and the Invest AD will organize the funding of promising Tekhnopromexport projects in the construction of energy facilities and oil and gas sector and infrastructure projects.

The cooperation agreement was signed in Abu Dhabi (UAE) during the annual summit of the St. Petersburg International Economic Forum and the Federation of Chambers of Commerce of the United Arab Emirates.

Alexander Dementyev, Head of the Financial Institutions Division of Sberbank, commented on the signing, “The State Corporation “Russian Technologies” and JSC “Technopromexport" are the largest customers of Sberbank. Within the Bank’s international development strategy for 2018 we set a task for ourselves to be able to provide our customers with the services they demand anywhere in the world. Our strategic partnership with the Invest AD will contribute to the implementation of these plans in this important region”.

Sergey Topor-Gilka, General Director of Technopromexport, noted: "Being able to attract project financing creates additional benefits for the general contractor when implementing projects in electricity, the oil and gas sector and infrastructure. The partnership between the companies will contribute to more effective work in traditional markets for Tekhnopromexport and allow it to create more competitive offers to its potential customers”.

Nazem Al Kudsi, Chief Executive Officer of the Abu Dhabi Investment Company, said: "Invest AD is proud to a advise and support Sberbank's strategic clients like Technopromexport part of state holding Russian Technologies. Our goal is to enable  Sberbank's blue chip customers to establish a meaningful presence in the United Arab Emirates to cover the Middle East and  Africa".