OREANDA-NEWS. June 22, 2011. In the course of Russian Prime Minister Vladimir Putin’s working visit to France, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and French State Agency OSEO entered into a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of OSEO – by Management Board Chairman Francois Drouin.

The Memorandum aims to establish long-term cooperation between the two state financial institutions in supporting small and medium-sized enterprises including those involved in innovation activity.

The parties intend to study and assess the experience of funding and introducing special instruments to promote the development of Russian and French small and medium-sized enterprises.

The Memorandum signed is an underlying document on the basis of which the parties will be able to conclude bilateral agreements on selling advanced banking products in Russia. In order to coordinate efforts to implement the Memorandum a working group is to be set up. The working group is to be comprised of representatives from OSEO, Vnesheconombank and MSP Bank (till May, 2011 the Russian Development Bank (OJSC)).

The Memorandum’s implementation would help to enhance international ties in the small and medium-sized enterprises sector as well as promote trade exchange and cooperation between Russia and France.

State Agency OSEO is responsible for providing financial support for French small and medium-sized enterprises at such key stages of their activity as their establishment, growth, introduction of innovations and development of their activity on the international market.