Soviets Unveil Plan for Banking Partnership
Soviet officials announced Tuesday the formation of a partnership with American investment bankers to attract as much as $100 million in private investment to support the expansion of small business in the Soviet Union.
“Our task is precisely to use the experience of American small businesses to facilitate our own growth,” Valentin M. Vologhzin, chairman of the Committee for Economic Reforms for the USSR, told a news conference at Los Angeles City Hall.
The committee, represented by a five-member delegation making an 11-day visit to Southern California, signed the agreement last month in Moscow with Acquest International. The agreement was expanded this week to provide for the formation of a $100-million capital fund that is to be matched with Soviet funds.
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