OREANDA-NEWS. July 17, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ provided the Banking Group Kreditanstalt fur Wiederaufbau (KfW), Germany, a guarantee worth 32.8 million US dollars to secure OJSC Promsvyazbank’s obligations under the Banking Group KfW’s long-term credit.

The Credit Agreement between Promsvyazbank and KfW was signed within the framework of “The German-Russian Initiative on Financing Small and Medium-Sized Enterprises” in April 2009. Under the Agreement, KfW is to extend a credit worth 30 million US dollars for a period of 5 years to Promsvyazbank in order to finance small and medium-sized enterprises.

The guarantee was delivered on July 16, 2009 in Munich in the course of a regular round of Russian-German interstate summit consultations.

The Agreement on “The Russian-German Initiative on Financing Small and Medium-Sized Enterprises” was signed by Vnesheconombank and the Banking Group KfW in February 2009.