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PRESS RELEASE

BEI/13/89

Luxembourg/St. Petersburg, 20 June 2013

EIB increases financing of Russian SMEs by EUR 300 million

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.

Background

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The EIB finances projects in the Russian Federation on the basis of an EU Council and European Parliament mandate for the Eastern Partner Countries (Armenia, Azerbaijan, Georgia, Moldova, Russia and Ukraine) of EUR 3.8 billion for the period 2007-2013 to contribute to local private sector development, the improvement of social and economic infrastructure, and climate change mitigation and adaptation.

Press contacts:

Dušan Ondrejička, d.ondrejicka@eib.org, tel.: +352-4379-83334

Website: www.eib.org/press - Press Office: +352 4379 21000 – press@eib.org


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