OREANDA-NEWS. December 09, 2009. At the Italian-Russian summit held in Rome, Intesa Sanpaolo signed a framework agreement with the Russian bank Vnesheconombank (VEB) on support and development of trade between Russia and Italy through joint projects to the benefit of SMEs.

The agreement was signed at Villa Madama by Gaetano Micciche, Intesa Sanpaolo Corporate and Investment Banking Division Manager and Banca IMI CEO, and Vladimir Dmitriev, the VEB Chairman. Its main aims are to promote new tools available to SMEs in support to their growth and market expansion, and to further expand trade between the two countries, encouraging Italian SME exports to Russia.

As a result of this agreement, Intesa Sanpaolo will make credit facilities for a total of 100 million euro available through the Global Services Department which, with guarantees provided by VEB, will be destined to Russian regional banks. The regional banks will therefore increase resources for the development and growth of local businesses. Specifically, the financing will be dedicated to Russian SMEs trading with Italian companies and Italian companies intending to access or strengthen their presence on the Russian market. 

"The agreement signed today," announced Gaetano Micciche, "once again confirms Intesa Sanpaolo's commitment to provide the best possible long-term support to small, medium and large companies, just as much on the international market as in Italy. The funds to be made available by Intesa Sanpaolo as a result of the agreement signed with VEB will therefore target trade development with Italy, allowing the Russian banking system to sustain Italian exports through new dedicated and immediately operative tools for application at regional level."