Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announces the signing of a cooperation agreement with the Italian development institute Cassa Depositi e Prestiti (CDP) and its subsidiaries – SIMEST and Fondo Italiano di investimento SGR.
The agreement has the purpose to promote economic cooperation between Russia and Italy through co-investment and co-financing transactions to support mainly Italian SMEs with current or expected activities in Russia. It is estimated that the total amount of the co-investment and/or co-financing operations covered by the agreement could potentially exceed €300 mn over the next three years.
RDIF will evaluate with SIMEST potential co-investments in Russian subsidiaries controlled by Italian corporates, and with Fondo Italiano di Investimento SGR co-investment opportunities – as a minority investor – in Italian companies aiming to expand in the Russian market. The cooperation agreement is not exclusive and may eventually be extended, if of interest, to other companies or asset managers participated by CDP.