The Gas Exporting Countries Forum (GECF) held Summit of Heads of State and Government in Moscow today. The agenda included discussion of the establishment of a new bank designed to support gas projects within GECF member countries.

“We are promoting an initiative to create a Gas Bank,” Russian Energy Minister Sergey Tsivilev told the media on Monday. “Establishing such an institution would provide a long-term financing instrument for the development of gas infrastructure on the African continent and elsewhere…. The Gas Bank could serve as a driver for the development of the global energy market by offering countries not only financial products, but also advisory support and business solutions from major market players.”

In a speech at the summit, Russian President Vladimir Putin stressed the importance of open, trust-based cooperation founded on mutual benefit, not only for the GECF nations, but for the world as a whole, “especially considering that, collectively, the Forum’s members hold 70% of the world’s natural gas reserves and account for about 40% of global gas exports.”