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Posted: March 3, 2010
Eurasian Development Bank and RUSNANO Plan to Offer Joint Financing of Nanotechnology Projects
(Nanowerk News) Eurasian Development Bank and state corporation Russian Corporation of Nanotechnologies, RUSNANO, recently concluded a memorandum of cooperation. Signing the memorandum on behalf of their respective organizations were Chairman of the Executive Board of the EDB Igor Finogenov and RUSNANO CEO Anatoly Chubais.
The parties agreed to coordinate their efforts in accomplishing mid-sized and long-term investment projects to strengthen integration of economic processes among countries of the Eurasian Economic Community as well as to increase their production of innovative nanotech-enabled goods with high benefit and create new workplaces in industry, medicine, transportation, and other areas of commerce in EurAsEC countries.
Among plans envisioned are that the EDB would finance projects by extending loans, including structured credit of $30 million to $100 million for up to ten years and participate in the charter capital of RUSNANO’s project companies that aim at developing integration processes, especially between the countries of EDB activity. Eligible projects would encourage the growth of innovation economies on the territory of the EurAsEC, promote trade among EurAsEC countries, and be realized with the participation of shareholders' capital of legal entities organized in countries of the Eurasian Economic Community.
The memorandum opens the door for the Eurasian Development Bank to take part in the innovation funds that are established with RUSNANO’s involvement. RUSNANO, for its part, has expressed interest in nanotechnology projects being carried out by clients of the Eurasian Development Bank. RUSNANO may finance, take an equity position, or extend guarantees to such projects.
Eurasian Development Bank (EBD) is an international organization founded through the intergovernmental agreement between the Russian Federation and the Republic of Kazakhstan signed on January 12, 2006. In April and in June 2009 the Republic of Armenia and then the Republic of Tajikistan became member-states of the bank. The bank has charter capital of more than $1.5 billion. International rating agencies Standard and Poor’s, Moody’s Investors Service, and Fitch Ratings have given the bank ratings that correspond to or exceed the sovereign ratings of the member-states of the Eurasian Development Bank.