OREANDA-NEWS. June 09, 2012. Today, the Permanent International Secretariat of the Council of the Baltic Sea States, KfW and Vnesheconombank signed a Memorandum of Understanding

On behalf of the Council of the Baltic Sea States (CBSS) the Memorandum was signed by Director General of the CBSS Secretariat Jan Lundin, on behalf of KfW – by KfW Entwicklungsbank Stephan Opitz, on behalf of Vnesheconombank - by Board Member, Vnesheconombank Deputy Chairman Mikhail Kopeikin.

Under the Memorandum the parties are to enhance cooperation in funding projects of small and medium-sized enterprises as well as projects of public private partnership in environment protection, innovations, modernization and energy efficiency.

The memorandum’s implementation will make it possible to ensure additional access to funding for innovative small and medium-sized enterprises and will open up considerable opportunities for strengthening cooperation in the Russian North-West region (Saint Petersburg, the Leningrad region, the Pskov region, the Novgorod region, the Kaliningrad region).

CBSS is a general political forum for regional and interstate cooperation. The Council is comprised of 11 Baltic Sea states and the European Commission. CBSS carries out multilateral, interstate and regional cooperation along the lines determined by its Members. It also acts as an information coordination center. CBSS initiates and implements important strategic projects of regional significance and addresses the issues of their funding. Top priority is given to those sectors where CBSS is most efficient due to its long-term priorities. In June of 2012, the Russian Federation is to chair the Council.

KfW Bank is a German public law institution involved in consulting activity and funding business. For the most part, it provides services in economic, social and environment protection sectors in Germany, Europe and all over the world. It is also involved in providing support for small and medium-sized enterprises, environment and climate protection, infrastructure development, export and project financing as well as in rendering assistance to developing countries and countries with transitional economy.