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Russia’s VEB considers $100 mln pilot deal with Islamic Development Bank

August 10, 23:10 UTC+3
A special working group was set up in Vnesheconombank to implement this pilot deal
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MOSCOW, August 10. /TASS/. Russian state-owned Vnesheconombank (VEB) is considering a pilot deal worth $100 mln with the Islamic Development Bank (IDB), VEB press service told TASS on Wednesday.

"A special working group was set up in Vnesheconombank to implement this pilot deal, which is screening projects for their subsequent discussion and structuring in cooperation with the Islamic Development Bank. Creation of a special finance vehicle may be an option of our cooperation," VEB said.

VEB signed the memorandum of cooperation with the Islamic Development Bank in May 2016. The first deal according to IDB principles is scheduled for execution by the end of this year, Chief Executive of VEB Sergey Gorkov said earlier.

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