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Publish Date : 18-Jun-2016

Eurasian Development Bank (EDB) and the Federal Corporation for the Development of Small and Medium-Sized Enterprises (SME Corporation) signed a memorandum of cooperation. The document envisions development of cooperation between the parties to enhance SMEs access to lending. It was signed as part of the business programme at the St. Petersburg International Economic Forum on 16 June 2016.

The signatory from EDB is Dmitry Pankin, Chairman of the Management Board, and from the SME Corporation Alexander Braverman, General Director. In the memorandum, the parties agree to determine key mechanisms of their joint financial and lending activities, and inform each other about promising SME projects that will be submitted for consideration. They also agree to develop financing models for SME projects and share research data and developments to promote SME advancements.

In addition, the parties consider cooperation in promoting SME greater participation in public procurement tenders run by major state-owned companies and ensuring SME inclusion in the production and sale chains of large enterprises involved in export and import transactions in the EEU member states in the first place.

Cooperation under the memorandum will be in the form of information exchange, meetings of the parties' authorised representatives, and, where necessary, joint working and advisory groups.

With EDB's objectives and mission in mind, we plan that priority in cooperation between the Bank and the Corporation will be given to SME projects with an integration effect, says Dmitry Pankin, Chairman of the Management Board at EDB. These should be projects that will contribute significantly to the expansion of mutual trade and investments between the EDB member states, the creation of integrated transboundary groups and joint ventures, and the development of single markets.

We had working meetings with Eurasian Development Bank earlier where we confirmed our readiness for cooperation with a view to creating effective mechanisms of joint financial support to SMEs in the Russian Federation, Alexander Braverman, General Director of the SME Corporation, emphasises. In the course of our dialogue, the Bank has submitted to the Corporation its preliminary proposals regarding our possible cooperation, including information on possible lending schemes for SMEs. They all will be reviewed and given due regard when we consider areas for our future cooperation.

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