VEB and of the Islamic development Bank to create a Fund of $100 million to support innovations

KAZAN, may 10. /TASS/. VEB and of the Islamic development Bank have agreed to launch investment Fund that will invest in the development of high-tech projects. This was stated by VEB Chairman Sergey Gorkov at the International economic summit “Russia – Islamic world Forum”.

“We and the Islamic development Bank is establishing a Fund in the amount of $100 million the Fund will be in support of it projects in high-tech areas, to support major projects and innovations, including the blockchain and other directions,” he said.

VEB and of the Islamic development Bank, a year ago signed a Memorandum of understanding. The parties agreed to develop cooperation in the field of joint financing of investment projects, support export-import operations between the two countries, to exchange experience in the field of Islamic Finance. The implementation of the Memorandum will contribute to the promotion of the interests of the Bank in countries of the Organization of Islamic cooperation and attraction of financing for the Bank’s Islamic capital markets.

The Islamic development Bank is an international financial institution of the Muslim countries with its headquarters in Saudi Arabia. Members of the organization are 56 member States of the Organization of Islamic cooperation.

May 10-12, 2018 in Kazan hosts the international economic summit “Russia – Islamic world Forum”. For the past ten years, the site assembles representatives of international organizations, public authorities, financial institutions, embassies, members of parliaments, leading investors and businessmen, top-managers of Russian and foreign companies. The summit has established itself as a successful business platform to establish new contacts, as well as support for the presentation of economic possibilities and investment potential of our country.