Vnesheconombank, IDF to undertake joint investments

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Vnesheconombank and Federal State Autonomous Institution the Russian Technological Development Fund (the Industry Development Fund – IDF) agreed to cooperate in implementing investment projects aimed at encouraging modernization and creating new production facilities of the best available technologies as well as at stimulating manufacturing of industrial competitive products to ensure import substitution and export potential. As part of implementing the agreement, the Bank and the Fund are to jointly inform production facilities about the current state support measures and to prepare proposals for updating existing and developing new state support measures and instruments.

 

The IDF was set up to upgrade Russian industry, organize new production facilities and ensure import substitution while Vnesheconombank’s activity is designed to overcome infrastructure economic growth restrictions, upgrade and develop non-raw material economy, high-tech industries, encourage innovations and exports of high-tech products, implement projects in special economic zones as well as projects on environmental protection and on providing support for SMEs.

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