“Vnesheconombank” (VEB) and “SME Investments” UCO CJSC have identified areas of bilateral cooperation: Industry, transport, innovation and IT. The Memorandum has been signed on November 15 in Moscow. The document has been signed by the First Deputy Chairman of “Vnesheconombank”, Board Member Nikolai Tsekhomsky and the Executive Director of “SME Investments” UCO Arthur Badalyan.

VEB and SME Investments have agreed to cooperation in the sphere of supporting, financing and expanding investment in key areas of cooperation between the two states. The parties will study the possibility of Vnesheconombank's opening a credit line for SME Investments to finance projects for the export of Russian products.

“Vnesheconombank” will also share experience as a national development institution.

“Russia and Armenia have a rich history of mutually beneficial partnership, and the Memorandum signed today will open new opportunities for cooperation between the development institutions of two countries, which will promote the growth of trade turnover, expansion of investments and production cooperation in key sectors of the economy. This is an important step both for our bilateral cooperation and within the framework of integration processes in the EAEU area,” noted Nikolai Tsekhomsky.

“We are interested in Vnesheconombank's experience, strategy and business model as a national development institution. Our organization will soon become a member of the Council of EAEU Development Banks. We are ready to cooperate with VEB and other members of the Council in the selection, examination and implementation of joint projects,” said Arthur Badalyan.