Russia, France Agree on Joint Investment
The Russian Direct Investment Fund and France’s CDC International Capital have signed an agreement expanding the scope of cooperation, which stipulates joint search and financing of small and medium-sized businesses in both countries, the RDIF reported Tuesday.
Standard investments amounting up to €20 million each will strengthen trade and economic cooperation between the two countries, the report said, Tass reported.
“Further to this agreement, the parties are considering the first transaction of the expanded partnership, an investment in the French biotechnology group Olmix,” the RDIF said.
Olmix is a specialist in the production of natural algae products for nutrition, hygiene and human, animal and plant health. Investment of up to €15 million, will be used to expand the production facilities of Olmix Group in St. Petersburg, which will allow Olmix Group to expand its range of available products and its presence in Russian and CIS markets.
“We welcome the expanded scope of cooperation with our French partner CDC IC, aimed at identifying attractive investment opportunities in small and medium-sized companies.
Biotechnology company Olmix, which plans to expand its presence in Russia, is the first potential opportunity of that kind. “We believe that Russian-French cooperation has great potential and are already looking into additional opportunities that will facilitate Russian and French companies entering the markets of both countries,” CEO of the Russian Direct Investment Fund Kirill Dmitriev was quoted as saying.
CDC International Capital is a subsidiary of the French Caisse des Depots group of companies, which is dedicated to direct investments alongside sovereign funds and other large international institutional players. CDC International Capital has created a chain of partnerships with leading investors of the Middle East, Russia, Asia and North America.