OREANDA-NEWS. December 4, 2009. In the course of Russian-Italian interstate consultations at the summit level in Rome (Italy), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) and the Italian Banking Group Intesa Sanpaolo entered into a Framework Agreement on Cooperation in Promoting Small and Medium-Sized Enterprises.

The Agreement aims to promote economic cooperation between Russia and Italy through implementing joint projects aimed at providing financial support for small and medium-sized enterprises.

The Agreement provides for Intesa Sanpaolo to provide financial resources to Russian banks in the total amount of up to 100 million euros against Vnesheconombank’s guarantees to finance small and medium-sized enterprises.

One of the main goals of financing will be to purchase equipment, products and services from Italy and other European countries by Russian small and medium-sized enterprises.