OREANDA-NEWS. March 02, 2010. Bank VTB and Eurasian Bank of Development signed a Cooperation memorandum. On behalf of VTB the Memorandum was signed by Chairman Andrey Kostin, and Igor Finogenov on behalf of Eurasian Bank of Development, reported the press-centre of KASE.

The memorandum is pursuing to strengthen partnership links between the two companies in the interests of further long-term mutual cooperation and for purposes of effective use of bank potential. In particular, the Memorandum specifies the parties will finance joint projects, including under interstate programs (in excess of USD50 m); arrange trade financing between large producers and sellers; cooperate on financial markets, and in regard of individual projects and clients.

VTB chairman Andrey Kostin said "the Eurasian area has a great economical potential. This is why we are interested in long-term cooperation with the Development Bank. The Memorandum is providing for joint operation in investment projects aimed to develop infrastructure, increase of high tech production with high value added, and creating new jobs. I am confident our efforts will help economical development and integration of Eurasian countries".

Chairman of Eurasian Bank of Development Igor Finogenov said: "the projects of the bank have helped a 7.5 % increase in investment between Russia and Kazakhstan. We are in cooperation with largest national financial institutions in the region and welcome the partnership with VTB. The projects considered jointly with VTB are oriented at export and import deliveries of goods and  equipment produced in Russia and Kazakhstan, and, accordingly implementation of the projects will help develop mutual trade and investment".