State Corporation ‘Bank for Development and Foreign Economic Affairs’ (Vnesheconombank) Signs Agreements with the Andean Development Corporation and the Latin American Association of Development Financing Institutions

PRESS RELEASE

As part of the meeting of the governing bodies of the World Bank and the International Monetary Fund held on October 9-11 in Washington, cooperation agreements were signed between Vnesheconombank, and the Andean Development Corporation and the Latin American Association of Development Financing Institutions, some of the leading financial/economic entities in Latin America.

These documents contribute significantly to expanding the legal framework of Russian-Latin American inter-bank cooperation, and open up additional "windows of opportunity" for building up trade and economic cooperation between Russia and the countries of Latin America. More specifically, it is about broadening the geographic scope of Russian exports of engineering products to the region, and Russia's participation in projects in the infrastructure and fuel-and-energy sectors, as well as programs involving such social aspects of development as education, environmental protection, and small and medium business.

October 18, 2010