Russia hires Goldman Sachs to boost investment image.

By bne IntelliNews January 29, 2013
EconMin Andrei Belousov and head of the Russian Fund of Direct Investment Kirill Dmitriev signed a memorandum of understanding with Goldman Sachs Russia/CIS head Paolo Zannoni for a period of three years. Goldman Sachs is going to assist the government in contacts with international rating agencies, organising presentations and roadshows, as well as meetings of Russian officials and foreign investors and general improvement of Russia's investment image abroad, Finmarket reports based on the text of the memorandum. The pay for the services is not to exceed USD 0.5mn. Gazeta.ru cites an unnamed source that claims that Goldman Sachs will have to map out main factors troubling foreign investors and to propose solution mechanisms. The working group on improving the investment climate also includes representatives of VTB Bank and Sberbank, CBR, and VneshEkonomBank. At the same time, the government also commissioned a plan of raising the sovereign rating to A-level already in 2013, also with the assistance of international investment banks, which was considered as very unlikely by a panel of analysts surveyed by Finmarket, given unsolved structural problems and high dependency on hydrocarbon prices that usually are cited as main negative rating factors outweighing strong debt and reserves position.

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