In the course of the Petersburg International Economic Forum-2013 State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the European Investment Bank (EIB) entered into a credit agreement.
Under the Agreement, EIB is to extend 150 million US dollars for a period of 10 years to fund projects of small and medium-sized enterprises as well as other projects meeting criteria of financial institutions.
On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev, on behalf of EIB by Vice President Anton Rop.
Projects are to be financed through the International Fund to Support Entrepreneurship in Russia established by Vnesheconombank together with the KfW Banking Group
Funds received from EIB are expected to be used to support small and medium-sized enterprises through direct investments in capital and extending mezzanine credits. Thus small-sized enterprises are scheduled to gain better access to long-term financing.
The signing of this agreement testifies to dynamically expanding cooperation between Vnesheconombank and the European Investment Bank under the Memorandum of Understanding signed in June of 2011. Under the Memorandum a credit line worth 200 million euros was opened to fund projects of small and medium- sized enterprises through Vnesheconombank’s subsidiary banks.
Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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