Vnesheconombank, which acts as the Russian government's foreign debt payment agent, has signed the cooperation deal with South Africa's fourth largest bank by assets as President Putin begins his historic visit to that country Tuesday. Vnesheconombank's chairman, Vladimir Dmitriyev, is part of a major trade delegation accompanying the president.
Under the agreement, the banks intend to develop strategic partnership relations and long-term effective cooperation to strengthen trade and economic ties between Russia and South Africa, the VEB press office said.
In accordance with the agreement, VEB and Nedbank will jointly finance and provide banking support for investment projects in various areas, including minerals extraction, the press office said.
