OREANDA-NEWS. December 1, 2011. In the course of the Second Annual Forum “Small and Medium-Sized Enterprises – Contribution to the New Economy” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Spurt entered into Agreement on extending a guarantee in favor of the German Banking Group Kreditanstalt fur Wiederaufbau (KfW).

The Agreement provides for Vnesheconombank to grant a banking guarantee worth 31.8 million US dollars as a security for fulfilling OJSC Spurt’s obligations under the long-term credit extended by KfW.

The Credit Agreement between KfW and Spurt Bank was concluded as part of the German-Russian Initiative on Funding Small and Medium-Sized Enterprises. Under this Agreement the German Bank is to extend a credit worth 30 million US dollars to OJSC Spurt for a period of 4 years to further fund small and medium-sized enterprises operating in the energy efficiency sector.

The Agreement on the German-Russian Initiative on Funding Small and Medium-Sized Enterprises was signed between Vnesheconombank and KfW Bank in February of 2009.