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Vnesheconombank to support innovation projects in the aircraft construction industry

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28-Dec-2010 State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Federal State Unitary Enterprise the Zhukovsky Central Aerohydrodynamic Institute and the Russian Development Bank (OJSC) entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Zhukovsky Central Aerohydrodynamic Institute (TsAGI) - by its Director General Boris Aleshin, on behalf of the Russian Development Bank (OJSC) - by its Board Chairman Sergei Kryukov.

The Agreement aims to establish strategic partnership and promote long-term and effective cooperation between the parties in supporting innovation and modernization projects of small and medium-sized enterprises (SMEs).

Under the Agreement the parties intend to work out mechanisms for financing innovation and modernization projects of small and medium-sized enterprises to be implemented on the basis of the Central Aerohydrodynamic Institute's developments and establish interaction between small and medium-sized enterprises, initiators of innovation and modernization projects, developed by the Central Aerohydrodynamic Institute together with the Russian Development Bank's partner banks.

The Agreement also provides for the parties' cooperation in engaging SMEs in the Central Aerodynamic Institute's innovation activity among other things by way of placing orders for developing technologies, supplying products and services as part of implementing innovation and modernization projects as well as transferring technologies developed by the Institute for their further commercialization.

This Agreement's implementation would make it possible to use the Institute's innovation developments in the aircraft construction industry and involve small and medium-sized enterprises in implementing promising innovation projects.