OREANDA-NEWS. On 14 July 2009 was announced, that Russian Bank for Development, daughter bank of Russian State Vnesheconombank, has increased credit limit to SOTSGORBANK by RUB 30 mln. Credit limit increase happened due to successful cooperation since autumn 2008. Starting amount of the credit facility agreement was RUB 70 mln.

“Raised funds will provide support to our clients – small and medium enterprises. SME lending always was one of the strategic business for the Bank and long-term funds are necessary for its successful development,” – says Deputy Chairman of the Management Board Mikhail Vavilov.

“Raised 3-years long-term funding was realized within the State SME support program and shows recognition of the Bank quality. In future, SOTSGORBANK plans to extend cooperation with Russian Bank for Development and with international financial institutions, including international development institutions,” – comments International business and financial institutions department director Alexander Golev.