The European Union and Russia have launched a modernization partnership to advance their economies and bring their citizens closer together, European Commission President Jose Manuel Barroso said in a press release. The partnership was unveiled during the 25th European Union-Russia Summit, held May 31-June 1 in Rostov-on-Don. Among the topics discussed during the summit were common challenges of the EU and Russia such as climate change, energy and the global economic crisis.
The European Bank for Reconstruction and Development is lending USD20 million to the Credit Bank of Moscow to help support small businesses. The five-year loan will be disbursed in two equal tranches. Meanwhile, the Multilateral Carbon Credit Fund, established by EBRD and the European Investment Bank, will buy carbon credits from Air Liquide Severstal. The carbon credits came from an energy efficiency project involving a modern Air Separation Unit in Russia’s Vologda region.