OREANDA-NEWS. July 22, 2009. In the presence of German Chancellor Angela Merkel and Russian President Dmitry Medvedev during the German-Russian intergovernmental consultations Dmitry Kryukov, Chairman of LOCKO-Bank signed US15 million Loan Agreement with the German development bank KfW, reported the press-centre of LOCKO-Bank.

The Loan Agreement was concluded under the “German-Russian Initiative for the Financing of Small and Mediumsized Enterprises” between KfW and Vnesheconombank of Russia. German development bank will grant LOCKO-Bank US15 million 5 years loan facility to support its SME financing program with the common goal to provide enhanced access to loans for Russian SMEs even during the crisis.

“By making necessary credit funds available, KfW is making an important contribution to promoting SMEs in Russia in the current economic situation”, said Dr Ulrich Schroder, Chairman of the Managing Board of KfW Bankengruppe.

This is the second project implemented by KfW in cooperation with LOCKO-Bank. In 2007 KfW granted the Bank US115 million 7 years loan with the purpose to develop its SME financing program.

According to Mr. Mikhail Pavlov, Deputy Chairman of the Executive Board, “LOCKO-Bank truly values the KfW’s continuous support, especially in the current unfavorable market conditions. The Loan Agreement signed amidst the ongoing financial crisis proves the high level of trust such a reputable development financial institution as KfW has in LOCKO-Bank's successful business development.”