Bank News

Press Release - OAO "Russian Bank for Development" has borrowed RUR 2.5 billion under sovereign guarantee of the Russian Federation for the purpose of SME lending

31 Марта 2005

OAO "Russian Bank for Development" has borrowed RUR 2.5 billion from ING Bank under sovereign guarantee of the Russian Federation for the purpose of SME lending. The funds were raised on 31.03.2005 for a 2 years’ tenor.

Until now the Program of SME lending was implemented by the Bank at its own expense. Currently the program’s being implemented across the whole country, RBD has extended credit lines to 44 regional counter party banks for a total amount of RUR 1.4 billion. The credits for small businesses are extended with maturity up to 2 years.

The maximum credits were issued to entrepreneurs, who run businesses in such sectors as building materials industry, trade, construction, as well as small enterprises involved in tertiary industry.

The Bank cooperates with 76 subjects of the Russian Federation and jointly selecting counterparty banks for participation in the Program, and studies the possibilities of granting sovereign guarantees of the RF subjects in favour of the authorized banks. The Bank entered into cooperation agreements with 34 Russian regional administrations.

According to Tatiana Ryskina, Chairperson of the Management Board of RBD, «Obtaining credit under sovereign guarantee of the Russian Federation will significantly increase the amount of resources earmarked for provision of support to small businesses. At that the key principle underlying the Program is observed - mid-term loans are available to small businesses at acceptable interest rates».


OAO «Russian Bank for Development» was founded in late 1999. The Bank is wholly owned by the Government of the Russian Federation in the name of the Russian Federal Property Fund. The major directions of the Ban’s activities are long-term credit support to the real sector of the economy in accordance with the priorities of the governmental investment policy, and SME lending.
The small business lending support is implemented by the bank in accordance with the "Program of OAO "Russian Bank for Development" for Small Business Lending, covering also the farming sector", jointly developed with the Ministry for Economic Development and Trade and approved by the Bank’s Supervisory Board.
In the late 2004 RBD was granted the sovereign guarantee of the Russian Federation for its borrowings for the purpose of SME lending. The appropriate Decree was approved by the RF Government on December 27, 2004.


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