Vnesheconombank and Islamic Development Bank will create a Partner financing fund based on the principles of Islamic funding.

According to Vnesheconombank’s press department, Chairman Sergey Gorkov has made the corresponding announcement at the International Economic Summit “Russia-Islamic world: KazanSummit 2018” running on May 10-12.

The joint contribution of the two banks will make up to USD 100 million. They also plan to attract third-party investors. One of the fund’s priorities is to facilitate attracting investment in Russian economy and financing of Russia’s high tech.

“The Middle East and Southeast Asia is a strategic cooperation line for Vnesheconombank. Apart from traditional vectors of work, we also actively advance collaboration in advanced technologies. For instance, we develop blockchain solutions together with Dubai,” noted Mr Gorkov.

In the immediate future, Vnesheconombank plans to open a representation in UAE capital Abu-Dhabi and create a Russian business desk that will provide access to product and capital markets and set up opportunities for partnership with local players.

Islamic Development Bank is an international financial organization with 57 member states, who also make up the Organisation of Islamic Cooperation.

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