EBRD, VEB could provide up to $1 bln for modernization in Russia
MOSCOW. Feb 24 (Interfax) - The European Bank for Reconstruction and Development and Vnesheconombank could each make up to $500 million available to fund modernization projects, being implemented in Russia by Russian and European companies, VEB said in a statement.
VEB and EBRD, while preparing for talks between the Russian government and European Commission in Brussels, signed a memorandum of understanding to broaden mutually advantageous cooperation in support of the Partnership for Modernization initiative, launched by the European Union and Russia at a summit in May 2010.
The sides give priority to such sectors as energy saving, transportation, and small and medium businesses.
The memorandum was signed by VEB Chairman Vladimir Dmitriyev and EBRD President Thomas Mirow.