Background

IBEC and the Joint Institute for Nuclear Research - horizons for cooperation

A delegation of the International Bank for Economic Co-operation headed by the Chairman of the Board Denis Ivanov visited the Joint Institute for Nuclear Research (JINR) in the city of Dubna. During the visit, a meeting with JINR Director Grigory Trubnikov and leading employees of the Institute took place, after which the Bank's representatives were shown the progress of work on the implementation of the flagship project – the NICA complex.

This particular project paved the way for cooperation between the two international organizations. It began in 2019, when the Bank secured financial conditions for the implementation of contracts for the supply of equipment for the NICA accelerator complex. To date, IBEC and JINR have already implemented several projects, consistently deepening mutually beneficial cooperation. This is largely facilitated by the fact that all IBEC member countries are also members of a scientific organization. Moreover, support for innovative and science-intensive projects is one of the key objectives for the Bank.

As Denis Ivanov noted in his speech, the Bank is now in a phase of active development, which began after the restart of IBEC in 2018. “We are developing new areas of activity, looking for new clients, and the Institute is, of course, a strategic partner for us. It is very important that we already have the specifics of cooperation – a deal has been concluded with the Polish company Frako-Term, which supplies a number of components for the construction of the NICA collider, and several deals have been implemented under advance payment guarantees. Recently, we have started working with a second client cooperating with JINR – the Czech company Vacuum Praha. I am confident that a wide range of our banking products, including in the field of trade finance, will provide JINR with additional reliability in its settlements with partners".

At the meeting, the parties considered IBEC proposals in such fields as lending, placement of funds, settlement and cash services and investment financing of projects. The parties discussed the possibilities and prospects of the IBEC participation in the implementation of the Institute's projects in the JINR member and partner countries. In addition, the parties covered the issues of development of the Institute’s business relations in mutual member countries, as well as financial and non-financial support of the program of industrial return of contributions from the JINR member countries.

The International Fund for Technological Development, recently established by the Government of Russia and IBEC, also opens up new prospects for the implementation of high-tech projects. Its director, Vadim Kulikov, spoke about the fund's mandate and its financial capabilities, noting that “together with IBEC, we are working out programs for financing buyers of technologies and technological products, including outside the Russian Federation. This is an exciting new opportunity for Russian tech entrepreneurs. We are waiting for applications from Dubna, which has the most effective combination of science, innovation and international cooperation and can serve as an example for other science cities".

Moreover, IBEC and JINR agreed on joint promotion in the international markets, holding joint symposia and conferences, training events for employees and partners. Following the meeting, the parties outlined practical steps, among which is the preparation of a framework agreement between JINR and IBEC.

“During the visit, we saw the NICA collider under construction and visited unique production facilities. On the components of the collider, we saw the logos of the companies we cooperate with, and this gives rise to a feeling of pride that IBEC is participating in the implementation of such a significant scientific project".
Denis Ivanov, Chairman of the IBEC Board
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