RDIF partners with Germany’s Committee on Eastern European Economic Relations
Press release, 16.11.2012
Moscow, 16 November 2012 – The Russian Direct Investment Fund (RDIF) and leading German business body, The Committee on Eastern European Economic Relations (CEEER) have today signed a bilateral Memorandum of Understanding. The document was signed by RDIF CEO, Kirill Dmitriev, and CEEER Chairman, Eckhard Cordes in Moscow in the presence of Russian President Vladimir Putin and German Chancellor Angela Merkel.
Kirill Dmitriev said: “The German business community is one of the largest and most successful investor groups in the Russian economy. The opportunity to work with the CEEER, which brings together Germany’s leading large and medium-sized businesses, will provide a significant boost to Russian-German investments.”
The Memorandum of Understanding states that the CEEER and the RDIF will actively work together to attract foreign investment into both countries, complementing other joint government initiatives. In particular, the two parties have agreed to combine their resources to raise the profile of investment opportunities in Russia among German corporations and institutional investors and highlight RDIF projects.
Joint investor events set to be held in Moscow and / or Frankfurt 2013 will form the first part of this process. These events will feature a number of presentations outlining the investment opportunities offered by the RDIF as well as the Fund’s goals and objectives.
In the Memorandum the CEEER backed the RDIF’s mission to attract international investors to help further develop and diversify the Russian economy. The Memorandum says Germany’s financial and investment organisations can play an important role in the RDIF’s projects.
The agreement is valid for two years, with the possibility of an extension.
The Committee on Eastern European Economic Relations was founded on October 9, 1952 to establish economic relations between Germany and Eastern European states, in particular, with the Soviet Union and, later, with the Russian Federation. Thanks to the Committee’s work, technology and trade exchanges were maintained between the two countries, despite foreign policy differences.
Russian Direct Investment Fund (RDIF), established in June 2011, is to be capitalized with $10 billion in Russian government funds to make equity investments that generate strong returns. In each investment it makes, RDIF is mandated to secure co-investment that as a minimum matches its commitment, thus acting as a catalyst for direct investment into the Russian economy. RDIF’s Management Company is a 100% subsidiary of Vnesheconombank (VEB). Additional information is available at www.rdif.ru
Contacts for additional information:
For the RDIF:
Andrew Hayes/Andrew Leach/Maria Ignatova/Elena Kuza
Tel +44(0) 20 7796 4133