OREANDA-NEWS. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Leningrad region entered into an Agreement on cooperation in supporting small and medium-sized enterprises (SMEs).

The Agreement aims to establish strategic partnership, promote long-term and effective cooperation in supporting SMEs on the territory of the Leningrad region.

The parties agreed to make a list of pilot projects, expand potential for supporting innovation and modernization projects of small and medium-sized enterprises. Under the Agreement Vnesheconombank will be ready to extend guarantees to foreign financial institutions interested in funding SMEs’ projects on the territory of the Leningrad region.

The Agreement also provides for cooperation in providing the state’s non-financial support for SMEs including information and consulting support.

This Agreement’s implementation will expand access to advanced technologies for small and medium-sized enterprises to make them more competitive. This cooperation will make it possible to set up a comprehensive system of financing small and medium-sized enterprises through the state’s support on a regional level as well as with the help of the program of providing financial support for SMEs implemented by Vnesheconombank through OJSC SME Bank.

The Agreement was signed to build on the Credit Agreement between Vnesheconombank and KfW signed in November of 2012.

Monetary funds to be made available under the Program of Providing Financial Support for SMES implemented by Vnesheconombank through SME Bank are distributed between partner banks that went through a selection procedure at OJSC SME Bank.