OREANDA-NEWS. December 02, 2010.  In Moscow a forum was held entitled "Small determines large", dedicated to summing up implementation of the State Programme of financial support for small and medium-sized business in 2010. The forum organiser, Russian Development Bank, is the bank authorised to provide state financial support to small and medium-sized businesses.

Since the autumn of 2009, the Bank of Moscow has been actively participating in implementation of the given Programme in a broad range of spheres, co-operating with the Russian Development Bank within the scope of the sub-programmes "Refinancing", "Co-financing" and "Financing for innovation and modernisation". The Bank has organised crediting of small and medium-sized business enterprises by raising Russian Development Bank resources to a sum of about 4 billion rubles, allowing loans to be extended to 1.7 thousand such enterprises in over 50 regions of Russia.

The Bank of Moscow’s contributions was highly appraised and the Bank was given an award as the bank providing for the Programme’s greatest regional coverage.

"The achievements of Programme implementation are not random ones, but engendered primarily by a rational combination of the interests of the state with those of private business - both credit institutions and small and medium-sized business", commented Irina Nikitenko, Vice-President of the Bank of Moscow. "In fact, we managed to ensure a range of state financial assistance conditions that, in just a short time, clearly demonstrated the mutually beneficial nature of co-operation for all participants in the Programme."

The innovative project "Basalt-plastic composites for the North of Russia", financed by the Bank of Moscow, received a separate award. Implementation of the project will help in creating new types of construction and composite materials based on industrial production of continuous basalt fiber in the Republic of Sakha (Yakutia). Funds in the amount of 100 million rubles have been allocated for a period for 6 years on advantageous terms within the scope of the co-operation between the Russian Development Bank and the Bank of Moscow under the programme "Financing for innovation and modernisation". The total capital investment in organising a complex of production units within the scope of the project amounts to over 600 million rubles. The highly competitive and science-intensive nature of the innovative product has been remarked by the experts and also confirmed by a number of Russian patents and licence agreements.