RUSNANO and the Eurasian Development Bank (EDB or the Bank) are to start collaborating on the implementation of projects in the green hydrogen, renewable energy and high tech sectors in the Eurasian Economic Union (EAEU).

The agreement to this effect was signed at the St. Petersburg International Economic Forum by Sergey Kulikov, Chairman of the Executive Board at RUSNANO MC (Management Company), and Nikolai Podguzov, Chairman of the Management Board at EDB.

The aim of the accord is to enable EDB to finance a new alternative energy fund being established by RUSNANO with the aim of providing funding for the renewable energy sector. It is expected that this organization will make investments not only in the Russian Federation but also Kazakhstan and other EAEU nations.

In addition, the two sides agreed on the terms and conditions under which the Bank is to finance RUSNANO projects aimed at promoting the development of high-tech companies.

"By implementing joint alternative energy projects with the EDB we will be able to create significant potential for enhancing the technology environment and establishing projects to reduce the carbon footprint that would be attractive to investors," said Sergey Kulikov, Chairman of the Executive Board at RUSNANO MC. "As a development institution with vast experience of implementing innovation projects we will be in a position to offer unique expertise for companies in the EAEU."