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Russia’s Finance Ministry to use partnership-based financing for international cooperation

The key issue now is how to correctly design standards for Islamic and partnership-based financial instruments, Russian Deputy Finance Minister Ivan Chebeskov said

KAZAN, May 15. /TASS/. The Russian Ministry of Finance intends to leverage partnership-based financing mechanisms to promote international cooperation, Russian Deputy Finance Minister Ivan Chebeskov said during a plenary session of the 16th International Economic Forum "Russia - Islamic World: KazanForum."

"The fourth priority is expanding international cooperation in the field of partnership-based financing. We want to use this tool (partnership-based financing — TASS) not only for our people and domestic businesses, but also as an instrument for international collaboration and mutual investment," Chebeskov said.

The Finance Ministry, in cooperation with the Association of Banks of Russia and the Bank of Russia, is currently working on the development of standards for partnership-based financing. "We believe international standards should serve as the foundation. Therefore, for us, the key issue now is how to correctly design standards for Islamic and partnership-based financial instruments," the Deputy Minister emphasized.

The 16th International Economic Forum "Russia - Islamic World: KazanForum" is being held on May 13-18 in Kazan. This year's main theme is "Digitalization: New Reality and Additional Opportunities for Expanding Cooperation." Representatives from over 100 countries have confirmed their attendance. TASS is the forum's general information partner.

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