Russia’s Vnesheconombank (VEB) and Abkhazia’s Universal-bank have signed a cooperation agreement to boost trade.
The main lines of cooperation will be expanding financial services and settlements – especially under the programme of export financing, as well as greater cooperation in project financing to make joint investment projects more effective and profitable.
The parties will give higher priority to projects that develop infrastructure, tourism, communications and power engineering as well as projects to boost small and medium-sized enterprises.
The financial institutions intend to work out trade financing programmes – most specifically pre-export financing – to expand trade and economic cooperation between Russia and Abkhazia.
The financial institutions also intend to provide banking services to companies and industries that give top priority to foreign trade, joint production and developing infrastructure of both parties.
The agreement was settled during the Abkhazian President Sergei Bagapsh’s formal visit to the Russian Federation, and was signed by VEB’s chairman Vladimir Dmitriev and Universal-bank’s board chairman Beslan Eshba.
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