By Andrei Skvarsky.
Russia’s Direct Investment Fund (RDIF) and VEB development bank and France’s Caisse des Depots et Consignations (CDC), {{{*}}} all of which are state institutions, have signed an agreement to boost private equity investment in the two countries.
The deal – a memorandum of understanding – was signed in Moscow on February 28 in the presence of Russian President Vladimir Putin and his French counterpart Francois Hollande, RDIF said in a statement.
The agreement makes provision for setting up a working group to be led by RDIF chief executive Kirill Dmitriev and Laurent Vigier, director of European and international affairs at CDC, who is also a member of the RDIF supervisory board.
RDIF, a co-investment fund set up in June 2011 and overseen by VEB, has a capitalisation target of $10bn. In each of its projects, its partners must invest at least as much as the fund itself does.
Earlier, RDIF signed a similar agreement with China, and in December 2012 it clinched a deal with India to jointly invest up to $2bn in trade and economic projects.
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