Russian Bank for Development to support Tatarstan’s small businesses

Russian Bank for Development and Tatarstan’s Committee on Small and Medium Business have signed an agreement on join action, aimed to support small and medium businesses.

According to the AK&M agency, the main purpose of the agreement is long-term winning cooperation between RBD and the government of Tatarstan, aimed to implement joint measures on supporting small and medium business in Tatarstan. Cooperation between the bank and the government is to facilitate accessing financial resources for small businesses, operating in various branches, including in the ones of high priority and social value.

The agreement provides for informational and consultation support for small and medium business entities in identifying most feasible schemes of financing projects and day-to-day operations.

Russian Bank for Development was established in 1999 at a government’s instruction. Its main purpose is to finance priority national projects. The Bank for Development and Foreign Economic Operations state corporation, Vnesheconombank, owns 100 of the stock. The equity is 4.66 billion roubles.

The total amount of guarantees, pledges and loans, provided by the bank within the state-run programme on supporting small and medium business, as of 1 November 2008 was over 9.2 billion roubles.