Vnesheconombank (VEB), a Russian development bank has opened its representative office in Abu Dhabi.
VEB's representative office is now ready to operate having obtained all necessary permits, a commercial licence and a registration certificate.
The bank will work closely with the Organisation of Islamic Cooperation (OIC). VEB 's OIC export loan and guarantee portfolio stands at $2.8 billion
"Vnesheconombank has been actively cooperating with the United Arab Emirates and the Middle East, and the Islamic world as a whole. We are working to engage investors, raise finance, enhance trade and foster greater economic ties, and also to promote high-technology exports from Russia," says Igor Shuvalov, Chairman of Vnesheconombank, TradeArabia reported.