OREANDA-NEWS. During the Eastern Economic Forum Sberbank and the Far East and Baikal Region Development Fund entered into a cooperation agreement. The document was signed by CEO, Chairman of the Executive Board of Sberbank Herman Gref and CEO of the Far East and Baikal Region Development Fund Alexei Chekunkov.

The agreement is aimed at making lending more accessible to small and medium-sized enterprises in the Far Eastern Federal District through reducing borrowing costs and increasing the lending term. The main instrument is co-financing at a concessional rate of 5% by the Fund of Sberbank with a limit on the maximum interest rate for loans to small and medium-sized businesses.    

The Far East and Baikal Region Development Fund was established on the initiative of the Russian President and Prime Minister. The fund is a public financial development institution that has a flexible approach to project structuring and financing. The fund invests in creating new enterprises and infrastructure objects that have a social and economic impact on the regional economy.    

The Eastern Economic Forum is taking place in Vladivostok on September 2-3, 2016. The slogan of the forum is “Opening up the Russian Far East”.

Sberbank is an official partner of the Eastern Economic Forum.