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Russia’s Vneshekonombank participates in G20 development institutions

July 05, 2014, 2:05 UTC+3 ROME

A conference of the chiefs of G20 financial development institutions was held in Rome

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VEB Deputy President Aleksandr Ivanov

VEB Deputy President Aleksandr Ivanov

© Vera Shcherbakova

ROME, July 05, /ITAR-TASS/. A delegation of Russia’s Vneshekonombank under its president, Vladimir Dmitriyev, has taken part in a conference of the chiefs of G20 financial development institutions, held in Rome on Friday with support from the European Investment Bank and Italy’s Development Bank.

VEB Deputy President Aleksandr Ivanov has told ITAR-TASS in an interview the first such meeting was held in Moscow last year at VEB’s initiative.

“I would call it an elite club of G20 development institutions. The purpose is to find sources of long-term investments. It is quite obvious investment in infrastructures in Russia, in Europe and in all G20 countries is a vital need. It is crucial not only to find sources, but also to introduce amendments to regulations, which currently force banks to extend long-term loans and not provide long-term financing,” Ivanov said.

The meeting ended with the adoption of a final communique containing recommendations from the expert community.

“It will be handed over to the G20 economics ministers and the heads of central banks to enable them to take into account the recommendations in their activity to ensure development, investment in infrastructures, and support national export and small and medium businesses,” Ivanov said.

In the course of the meeting the participants discussed cooperation among G20 development banks, their cooperation with multilateral development institutions, the role of financial organizations in promoting the “green” economy and opportunities for development banks to draw long-term private investment.

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