30 Nov 2010 14:19

India's Eximbank to provide $100 mln to VEB for SME support

MOSCOW. Nov 30 (Interfax) - India's Eximbank will provide Russia's Vnesheconombank (VEB) with $100 million for providing future support to small and medium-sized businesses in Russia, VEB's chairman, Vladimir Dmitriyev, said at a forum dedicated to supporting small and medium-sized businesses.

"I hope that in December, when Russian President Dmitry Medvedev visits India, we sign an agreement for India's Eximbank to provide a loan facility worth $100 million for supporting small and medium-sized businesses," he said.

He added that the funds would be later allocated to regional banks under the VEB's guarantee. "These resources are being earmarked for regional banks under the VEB's guarantee with stated purpose of supporting small and medium-sized enterprises," Dmitriyev said.

Dmitriyev stressed that a portion of the funds would go to small and medium-sized enterprises run by Indian entrepreneurs in Russia.