OREANDA-NEWS. May 05, 2011. Eurasian Development Bank (EDB) and OJSC Technopromexport signed a co-operation memorandum. The document was signed by I. Finogenov, Chairman of EDB's Management Board and A. Kalanov, General Director of Technopromexport, reported the press-centre of KASE.

The document formalizes both parties' intention to co-operate in implementing energy projects in Eurasian Economic Community (EurAsEC), in particular by way of their joint development and implementation backed by various financial instruments and advanced technologies.

The Memorandum's main goal is assistance in implementation of mid-term and long-term investment projects in power industry seeking the strengthening of integration processes in EurAsEC, increasing output with higher value added, infrastructure development, creation of jobs in energy and other industries with substantial social and economic weight.

Co-operation means creation of a workgroup which should be busy with prospective investment projects and think over additional terms, co-operation forms and separate financing limits. According to the document, Technopromexport will inform EDB of projects liable to funding sourced from the Bank who would act as co-investor or organizer of financing.

Details of the parties' rights and liabilities under the Memorandum will be discussed ad-hoc and will be reflected in respective agreements and contracts made between the parties.