Both the banks agreed to consider making available up to EUR500m each to finance projects being in line with their criteria and developed under the Partnership for Modernisation launched by the European Union and Russia at their 25th Summit in 2010.
The potential areas for cooperation involve the areas of the energy efficiency, environment, transport, telecommunications and the EU foreign direct investments related to projects carried out by EU companies in Russia.
Both financial institutions will review potential projects initiated by EU and Russian companies or other Russian entities for implementation in Russia, exchange project related information and due diligence results and develop a coordinated approach to implement the individual projects.
EIB vice-president Eva Srejber said this the new cooperation will enable to benefit from the expertise and financial resources of the EIB and Vnesheconombank.
"This effort will help to strengthen the economic ties between the EU and Russia in the key sectors relevant for driving the growth and innovation, improving transport, and promoting the sustainable low-carbon economy and energy efficiency and addressing climate action," Srejber said.
