On Signing a Memorandum of Understanding between Vnesheconombank and KfW

In the course of Russian President Dmitry Medvedev’s visit to the Federative Republic of Germany, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Banking Group KfW signed a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of KfW – by its Managing Board Chairman Ulrich Schroder.

Under the Memorandum, Vnesheconombank and KfW have agreed for OJSC Promsvyazbank to join the German-Russian Initiative on Financing Small and Medium-Sized Enterprises in status of participant and stated their intentions to go on implementing the said joint initiative and take measures to seek new participants.

The Memorandum was signed to build on the Agreement signed in February 2009 “On the German-Russian Initiative on Financing Small and Medium-Sized Enterprises” between Vnesheconombank and KfW. This Agreement aims to promote the development of small and medium-sized enterprises in the Russian Federation by way of providing mid-term financing, encouraging entrepreneurial activity in the regions and supporting banks responsible for lending to small and medium-sized enterprises.

Under the Memorandum on Vnesheconombank’s Financial Policies, one of its top-priority lines of activity is to participate in implementing projects aimed at encouraging small and medium-sized enterprises.

Origin: 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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