EIB increases financing of Russian SMEs by EUR 300 million
- Release date: 20 June 2013
- Reference: 2013-089-EN
The European Investment Bank (EIB) is lending EUR 300 million to Sberbank of Russia to finance undertakings promoted by SMEs in the Russian Federation. Projects to be financed will be related to the development of the local private sector and the loan will target in particular micro enterprises with fewer than 10 employees.
Mr Anton Rop, EIB Vice-President responsible for lending operations in Russia commented:
“I am delighted to sign today this first operation with Sberbank in Russia for supporting in particular Russian micro enterprises. By joining forces with Sberbank with its unparalleled branch network, the EIB can effectively contribute to improving access to financing for thousands of micro enterprises throughout the Russian Federation, and this will foster the diversification and modernisation of the Russian economy. This operation also paves the way for broader cooperation between the EIB and Sberbank in Russia and other countries of common interest.”
This credit line is being granted in the framework of the EU-Russia Partnership for Modernisation launched at the 25th EU-Russia Summit held on 31 May – 1 June 2010 in Rostov. The Partnership for Modernisation serves as a flexible framework for encouraging reform, boosting growth and fostering competitiveness. All of these objectives are supported by promoting small and medium-sized enterprises and the exchange of experience between the EIB and Russian financial institutions on the subject of financial services for SMEs.