VEB and China Merchants Capital will create a fund investing in Russian export-oriented company

Vnesheconombank and China Merchants Capital signed a memorandum of understanding with a view to financing joint projects and creating high-tech and innovation funds. The parties are considering joint participation in a fund investing in Russian companies, including those focused on export.

The signing ceremony took place during the visit of the delegation of Vnesheconombank to Shenzhen, China. The MoU was signed by the Chairman of Vnesheconombank Sergei Gorkov and the Chairman of China Merchants Capital Yinquan Li. The delegations attended the business incubator of China Merchants Space and shared best mechanisms and practices of implementing innovative projects.

“China Merchants Company is part of China Merchants Group which has nearly 150 years’ experience of contributing to the development of the Chinese economy: it has participated in the construction of the majority of existing business accelerators and innovation development zones in China. Vnesheconombank has been attracting Chinese funding for most forward-thinking high-tech projects that are implemented in Russia and oriented to the Chinese and global markets. I am sure that China Merchants Group will provide serious support to Russian innovation products in the Chinese market,” said Sergey Gorkov. “The partnership also offers new opportunities for VEB’s investment projects to enter the Chinese stock exchange market which is to facilitate the increase in capitalization of the Russian high-tech companies.”

As Mr. Anthony Yang, General Manager of CMC SINO-BLR Fund noted: “Russia is an important participant in One Belt One Road initiative. The signing of the MoU between VEB & CMC is undoubtedly fostering strategic cooperation and alignment between Chinese and Russian economies. We look forward to work closely with our Russian partners towards mutually beneficial goal of contributing to prosperity of both nations.”