VEB and Power Machines Sign Export Promotion Agreement

Vnesheconombank Chairman Sergey Gorkov and PJSC Power Machines CEO Roman Filippov have signed an agreement on promotion of power engineering products export within the framework of the St. Petersburg International Economic Forum.

"Promotion of non-resource export is among the focus areas of the VEB strategy. We wish to improve competitiveness of the Russian Economy, increase its diversification and export of power engineering products," said Sergei Gorkov.

"Vnesheconombank has been our long-term reliable partner in establishing infrastructure for presence in all the key competitive production segments and power equipment supplies to foreign markets. Signing this agreement is an important step in the implementation of a joint strategy," Roman Filippov stated.

State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank)" (www.veb.ru) is a national bank for development, one of Russia's largest financial institutions. The bank was incorporated in 1924. Since 2007 it operates under a special Federal Law on the Bank for Development. The bank's supreme management body is the Supervisory Board headed by D.A. Medvedev, Chairman of the Government of the RF. According to the Strategy of Development up to 2021, VEB operations are focused on financing high value-added projects in industry; infrastructure development; support of non-resource export; promotion of civilian conversion of defense technologies; and support of the National Technological Initiative innovations and projects.