The two sides today signed a Memorandum of Understanding setting out the parameters of this cooperation program which will support the Partnership for Modernization launched by the EU and Russia at a June 2010 summit.
Under the terms of this MOU, the EBRD and Vnesheconombank aim to work jointly on reviewing projects initiated by EU or Russian companies.
All the projects under this Modernization Partnership framework are to be implemented in Russia.
The two institutions will also determine the possibility of co-financing such projects and plan to develop a coordinated approach to project structuring and implementation.
The main priority sectors for investment under this program will be: energy efficiency; transport; small and medium-sized businesses; and commercializing innovation breakthroughs.
