OREANDA-NEWS. May 19, 2011. In the course of the Russian-Austrian Business Forum and in the presence of Austrian President Heinz Fischer, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Austria’s Development Bank Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) entered into an Agreement on Cooperation in supporting small and medium-sized enterprises.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member, Vnesheconombank Deputy Chairman, Petr Fradkov, on behalf of OeKB - by Board Member Dr. Rudolf Scholten.

This Agreement provides for extending guarantees, sureties and credits to organizations and legal persons involved in supporting SMEs on the territory of the Russian Federation in order to boost industrial sector, innovations, energy efficiency and create new jobs.

Implementation of bilateral agreements would help to expand and enhance small and medium-sized enterprises in the Russian Federation as well as strengthen economic cooperation between Russia and Austria.

Development Bank Oesterreichische Kontrollbank Aktiengesellschaft (OeKB)is the main provider of financial and information services for Austria’s export industry and capital market. The bank was founded in 1946. OeKB provides a wide range of special services to companies operating in all economic sectors including financial and government institutions. The Bank’s shareholders are Austrian commercial banks.