VEB and The Islamic Development Bank Group to Establish a Partnership Fund Amounting up to $100 mln

VEB and The Islamic Development Bank Group to Establish a Partnership Fund Amounting up to $100 mln

PR Newswire

MOSCOW, May 10, 2018

MOSCOW, May 10, 2018 /PRNewswire/ --

VEB and The Islamic Development Bank Group will establish a Partnership Fund, said Sergei Gorkov, Vnesheconombank's Chairman at the International Economic Summit "Russia - Islamic World: KazanSummit".

The joint fund will be based on the principles of Islamic finance. It will primarily aim at promoting investment in the Russian economy and financing high technologies. The joint contribution of VEB and the IDB Group to the fund's capital will amount up to $100 million. Third-party investors will be involved as well.

Vnesheconombank has the biggest investment profile in the countries of the Organization of Islamic Cooperation among Russian banks. Its credits and guarantees amount to $2.8 billion. "The Middle East market is one of the strategic areas of cooperation for Vnesheconombank. In addition to the traditional activities like financing projects and supporting exports, we are actively developing cooperation in the field of new technologies, for example, together with Dubai we are developing blockchain solutions", said Sergei Gorkov.

Vnesheconombank plans to open a representative office in Abu Dhabi, The United Arab Emirates, and create a Russian business desk there. It will provide access to sales and capital markets in the region and create opportunities for partnership with local players.

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