Brussels, Nov 19 (IANS) Officials of the European Union (EU) and Russia have signed a series of agreements here to boost socio-economic development in border regions.

The European Commission, executive body of the EU, said five pacts worth 437 million euros (about $650 million) were signed with Russia to undertake cross-border cooperation (CBC) programmes till 2013, Xinhua reported Wednesday.

'The CBC programmes with Russia will allow the regions on both sides of the border to intensify cooperation in the areas of common interest that have been jointly identified,' said Benita Ferrero-Waldner, commissioner for External Relations and European Neighbourhood Policy.

The CBC programmes include promotion of small and medium enterprises, business and trade, transport, technology, research and tourism.

It will be the first time the partner countries apply a single set of implementing rules, share a single budget and take decisions together within a common management structure.