VEB, RDIF and Caisse des Depots et Consignations develop further Russian-French investment cooperation.
Press release, 28.02.2013
Moscow, 28 February, 2013 - The Russian Direct Investment Fund (RDIF), State Corporation “Bank for Foreign Economic Affairs (Vnesheconombank) and the French state financial corporation Caisse des Depots et Consignations (CDC) have signed a Memorandum of Understanding to develop cooperation in direct investment between the two countries. The Memorandum also aims to further economic cooperation and mutual trade. The parties have agreed to facilitate access to long-term capital for Russian and French companies involved in the trade and economic relations between the Russian Federation and France.
The signing ceremony took place in Moscow today in the presence of the Russian President Vladimir Putin and the French President Francois Hollande.
The parties will create a working group, which will examine the potential of a Russian-French investment partnership, as well as developing specific models for its implementation. The group will be co-chaired by Kirill Dmitriev, the CEO of the Russian Direct Investement Fund, and Laurent Vigier, the Director of European and International Affairs, Caisse des D?p?ts Group, who is also a member of the Supervisory Board of RDIF.
Kirill Dmitriev commented: "We collaborate with the largest international companies and funds. Thanks to the participation of Mr Vigier in the Supervisory Board of our Fund, we are aware of the significant opportunities offered by cooperation with our French partners. Joint investments in the public-private sector are one of the few ways to transition from crisis to stable economic growth."
Deputy Chairman of Vnesheconombank, board member, Alexander Ivanov said: ”The memorandum that we’ve signed will give a new impulse to the ongoing relationship between VEB and CDC. It will help to attract long-term investments into the Russian economy, including the implementation of large-scale infrastructure projects.”
Laurent Vigier, the Director of European and International Affairs, Caisse des D?p?ts Group noted: ”This memorandum marks an important step in a development of cooperation between Russia and France. We look forward to establishing and implementing a concrete model for this partnership”.
The Russian Direct Investment Fund (RDIF) was founded in June 2011 to make profitable investments in corporate equity under co-investing principles, predominantly in Russia. The Fund management company is a 100% subsidiary of Vnesheconombank (Bank for Development and Foreign Economic Affairs). As part of each investment project, the RDIF attracts investment partners, whose contribution shall not be less than the contribution of the Fund itself, and which should become a catalyst for the growth of direct investment into the Russian economy. Further information at www.rdif.ru
+7 964 7261773
Andrew Hayes/Andrew Leach/Maria Ignatova/Elena Kuza
Tel +44 (0) 20 7796 4133