The Black Sea Trade and Development Bank (BSTDB) recently signed a memorandum of understanding with the Russian Federal Corp. for Small and Medium Sized Entrepreneurship (RFC) to help support small and medium businesses, according to a press release.
“It is hard to overestimate the importance of the SME sector in creating conditions for sustainable economic growth and employment in Russia, and practically in any market economy," BSTDB Vice President Igor Leshukov said. "Therefore, this sector by definition is a priority for BSTDB as a regional development bank. Over 20 percent of BSTDB's financing is targeted to support small and medium-sized businesses in the Black Sea region, including Russia. The Russian SME Corporation does a great work in support of small business in Russia, and we hope that our cooperation will help expand and facilitate access for Russian enterprises to the necessary medium- and long-term financing."
Alexander Braverman, director general of the Russian SME Corp., said the agreement will support investment projects.
“The memorandum between the corporation and BSTDB will enable us to join forces in exploring and supporting promising investment projects in priority areas,” Braverman said. “Exchange of information on such projects will increase the number of SMEs receiving financial resources and support for their business development."
The memorandum was signed during the St. Petersburg International Economic Forum this month.