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On Extended Meeting of the Working Group on Implementing the Agreement on Cooperation between Development Institutions in Ensuring Continuous Financing of Innovation Projects

25 october 2010 года
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As part of the 11th Russian Venture Fair, an extended meeting of the Working Group on implementing the Agreement on cooperation between development institutions in insuring continuous financing of innovation projects at all stages of innovation cycle was held on October 22, in the city of Rostov-on-Don.

Management Board Member, Vnesheconombank Deputy Chairman, Mikhail Kopeikin, Russian Nanotechnology (RUSNANO) Corporation Deputy Director General Andrei Svinarenko acted as co-chairmen of the meeting.

The meeting’s participants listened to reports on implementing projects discussed at Working Group’s previous meetings. Specifically, in October, the Russian Development Bank started to finance the Basalt Composites for the North project proposed by RUSNANO. In the most immediate future, RUSNANO’s and the Russian Development Bank’s joint project to build a production facility manufacturing boosters for digital Elecard TV is to be financed.

The main subjects of discussion were devoted to mechanisms for reducing interest rates on credits extended to implement innovation and modernization projects as well as to the need for implementing programs of supporting companies providing services for small and medium-sized innovation enterprises including services on business planning, doing marketing research and evaluating intellectual property.

Summing up the results of the the Working Group’s extended meeting, Mikhail Kopeikin said that it was necessary to step up efforts to improve terms of financing innovation projects implemented by small and medium-sized enterprises.

The Working Group was established in order to implement the Agreement on cooperation between development institutions in ensuring continuous financing of innovation projects at all stages of innovation cycle. The Agreement was worked out on Vnesheconombank’s initiative and was signed in April of 2010. The Agreement aims to arrange cooperation between the parties in identifying innovation companies’ needs and in providing them with instruments, services and conditions for implementing innovation projects on the territory of the Russian Federation and the global market. The Working Group incorporates representatives of state financial development institutions (Vnesheconombank, RUSNANO, the Russian Venture Company, the Russian Development Bank, the Fund for Supporting Small Enterprises in Scientific and Technological Sphere), as well as the Moscow Interbank Currency Exchange, non-government organizations (such as OPORA ROSSII, the Russian Venture Investment Association) and the Federal Agency for Youth Affairs.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7(495) 608-46-93, Fax: +7(499) 975-21-34
E-mail: press@veb.ru


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