European Investment Bank Ready to Cooperate with Russia

The Russian government is very happy about it

Despite the unwillingness of the Russian government to borrow too much abroad, the cooperation with international financial institutions is still a great priority for Russia now. The Russian government has been expressing its interest in the close cooperation with the European Investment Bank for several years already. This Bank is virtually the major financial institution of the European Union. It deems that Russia’s persistence has been awarded.

RIA Novosti news agency reported that President of the European Investment Bank Philippe Maystadt was going to sign an agreement on cooperation with Russia. The document will be signed tomorrow, during Philippe Maystadt’s visit to Moscow. This became known from the headquarters of the Bank in Luxembourg.

The draft agreement on cooperation with the Bank was considered yesterday at the session of the Russian Federation government. Prime Minister Mikhail Kasyanov said that the consent with the Bank and with the European Union was a great achievement to make. “The consent on the part of the European Union for the Banks’ activity on the territory of Russia - a country, which is not a part of the Union – is an important step on the way to integration procedures and to the establishment of the joint economic space in Europe,” stated Mikhail Kasyanov. This looks like the truth, really.

The European Investment Bank was founded in 1958 as the basic financial policy tool in the European Union. The Bank grants loans only for the projects that are realized on the EU’s territory. Yet, the Bank has changed its rules a bit. At present moment, the Bank started working with those European countries that are to become EU members in the year 2004.

It goes without saying that Russia is not going to be a part of the European Union. Nevertheless, the EU leadership agreed upon the spending the Bank’s money in Russia. Furthermore, the administration of the Bank set out its readiness to participate in several joint projects in the spring of 2001. For instance, there have been agreements achieved pertaining to the funding of environmental programs for the Baltic Sea. On the other hand, if there is a start, why not going further? What about the development of the transportation field? As it turns out, the EU does not mind that either.

Akhtyam Akhtyrov PRAVDA.Ru

Translated by Dmitry Sudakov