16.11.2012 – 11:20
KfW supports innovation and modernisation in small and medium-sized Russian enterprises
- Financing agreement for USD 110 million signed - More environmental protection at Russian SMEs in Baltic rim
Under the Pilot Financial Initiative agreed with the Council of the Baltic Sea States (CBSS), today in Moscow KfW (business area KfW Entwicklungsbank) and Vnesheconombank (VEB) signed a financing agreement worth USD 110 million to support small and medium-sized enterprises in the Russian Baltic Sea areas. VEB will pass these funds on to various on-lending banks, which will in turn offer them to small and medium-sized enterprises in Russia to finance investments in innovative products and the modernisation of production facilities and halls, the automation of production processes, the use of less energy-intensive motors etc.
"KfW can draw on many years of experience in SME and innovation financing. Since as early as 2004 KfW has been supporting Russia via the financial sector, serving as a reliable partner in building up SME structures. This cooperation with Vnesheconombank is another important step towards advancing innovation and modernisation in Russia's SME sector," said Dr Günther Bräunig, member of the Executive Board of KfW Bankengruppe.
The German Federal Government supports the economic development of the financial and SME sectors in Russia within the framework of the TRANSFORM programme and its follow-up programme. Under this programme, KfW acts on behalf of the Federal Government to support its Russian economic and political partners through targeted advisory measures (such as legislation, management training, SME promotion and financial system development) and refinancing programmes (currently approx. EUR 400 million).
Original content of: KfW, transmitted by news aktuell