Indian infrastructure financing company, IDFC Ltd, announced that it had signed a memorandum of understanding with Russian Direct Investment Fund (RDIF) to jointly invest up to $1 billion in infrastructure projects. The pact will promote joint investments, helping accelerate economic cooperation between the two nations. “The agreement will create a framework for joint investment in infrastructure and related industries. Each party will provide up to $500 million to invest in joint projects,” said a joint statement. “RDIF will benefit from IDFC’s industry insights, execution expertise in cooperating with network of portfolio companies in infrastructure sector. Our partner’s experience in areas such as large scale concession projects, specifically in transport infrastructure, will be invaluable on growing Russian infrastructure market,” RDIF Chief Executive Kirill Dmitriev said.