OREANDA-NEWS. July 17, 2009. Andrey Borodin, President of the Bank of Moscow, and Alexander Men, Governor of the Ivanovo Region, signed a General Agreement on cooperation in the sphere of social and economic development to raise the economic potential of the Ivanovo Region.

The sides have agreed to join their efforts in solution of the foreground tasks in mobilization of financial and material resources for the purposes of strengthening the economy, stabilization of the financial and credit market and social development of the Ivanovo Region.

In particular, within the framework of the agreement the Bank of Moscow offers to extend credit resources to finance programs realized in the territory of the Ivanovo Region, to take part in regional programs for support and development of SMEs, to carry out complex bank service of accounts of enterprises and organizations of the region, to secure entries of the utility payments.

Also the Bank of Moscow intends to extend hi-tech banking products and to render services for the population of the region, including attraction of deposits, service of accounts and plastic cards, to extend credits.

Important for the regional economy enterprises are clients of the Bank of Moscow at the present time. They are JSC “Golden Ring Airline”, JSC “Ivanovo Plant of Heavy Machine-Tool Construction”, “Krasnaya Zarya confectionery”, a group of enterprises “Kupets”, small businesses and individual entrepreneurs.

For the purpose of development of entrepreneurship in the region the small business is supported by the state by providing guarantees with regard to the credits extended by the Bank of Moscow through the Moscow Small Business Credit Support Fund. In addition, the interest rate is subsidized in the guarantee value is compensated for through the Ivanovo Small Business Support Fund having an agreement with the Bank of Moscow.

The Bank of Moscow opened an operational office in Ivanovo in March 2009 for service of legal entities and individuals for high-quality service of enterprises, organizations and the population of the region.