OREANDA-NEWS. November 22, 2011. SME Bank is realizing non-credit forms of assistance to small and medium-sized enterprises and jointly with ROSNANO provides funding for the innovative project of Basalt Material Technologies LLC (the Republic of Sakha - Yakutia) for industrial production of basalt fiber and basalt-based materials. Acting through its managing company MIR, SME Bank is acquiring equity participation in the Yakutian innovative enterprise, reported the press-centre of SME Bank.

In 2010 SME Bank under “Financing for Innovations and Modernization” Program provided a special-purpose loan to the Bank of Moscow for subsequent financing of this project.

Attracting additional resources Basalt Material Technologies will be able to implement the project faster and more efficiently. The total project’s capitalization will reach RUB 950 million.