SME Bank Of Russia Focuses On Innovation Sector

KUALA LUMPUR, April 18 (Bernama) -- SME Bank of Russia is focusing on new Russian entrepreneurs who want to venture into the innovation sector, said its deputy chairman of the board, Kirill Semenov.

Source from (Bernama): http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=943163
Published: April 19, 2013

Semenov said the bank, with US$6.5 billion fund and support from credit institutions and legal entities, would invest in sectors that benefited the Russian economy.

"We are selective. We only channel the funds to sectors that would give a good impact for Russian economy," he told Bernama today.

He said that high-technology products were increasingly popping up in states and regions and these had important implications at the federal level in how jobs and economic policies were shaped.

Last month, the bank financed modernisation-related project implemented by Russian Mining and Pumping Co.

Semenov said the bank picked SME Bank of Malaysia to establish cooperation because both share the same target and objectives.

He said SME Bank of Malaysia was known as the development bank to help small and medium entrepreneurs (SMEs) start or develop their businesses.

"We see that SME Bank of Malaysia's objectives are aligned with ours," he said.

Semenov, together with other five delegates from SME Bank of Russia, was in Malaysia for a three-day visit, following a memorandum of understanding (MOU) signed by the two SME Banks in September last year.

The MOU was aimed at setting a platform for the two parties to cooperate in the development of small and medium enterprises in both countries.

Semenov said the SME Bank of Russia hoped the visit would complement the parties' collaborative efforts and set the stage for more regular exchange of opinions.

SME Bank of Russia is an agent for Vnesheconombank in implementing the Programme of Supporting Small- and Medium-Sized Enterprises.

Over 24,000 SMEs had received funding from the bank.

-- BERNAMA