The Ministry of Economics, the Center-Invest Bank, and the Small Business Support Fund have joined efforts.
On 26 January 2001 the Agreement on Crediting of Investment Projects for Small and Medium Businesses in the Rostov Province was signed by the Ministry of Economics, International and Foreign Trade Relations of the Rostov Province, the Center-Invest Bank, and the Rostov Regional State Fund for Support of Small Businesses.
The agreement is designed to assist the development of small and medium businesses and to build up the infrastructure required for attract investments into the economy of the Rostov Province.
The parties have agreed on active collaboration, regular exchange of opinions and information, and mutual consultations on the matters of crediting and development of investment activities in the region. The agreement provides for coordination of work on analysis, preparation, financing and support of profitable projects for small businesses in the Rostov Province, and soliciting of foreign investments, including credits from the Black Sea Bank for Trading and Development.
Each of the parties to the agreement is responsible for particular links in the chain of business crediting of investment projects in the Rostov Province. The Administration recommends to the Fund and the Bank the most dynamically developing small and medium businesses for consideration as the potential recipients under the crediting program. The Fund analyses the expected economic effect of the investment projects. The Center-Invest Bank grants the monies out of its own and raised funds for direct and syndicated (with the Fund) crediting of businesses at beneficial rates. To achieve the maximum effect, the Center-Invest Bank allow the Administration and the Fund to use the Bank's infrastructure for support of small businesses.
The signed agreement is the next step forward aimed at coordination of efforts of the structures that provide material support for small and medium businesses: the Administration of the Rostov Province, the Rostov Regional State Fund for Support of Small Businesses, and the Center-Invest Bank. The parties to the agreement believe that the local investment projects are most lucrative, and are confident that the development of this market segment will accelerate the economic growth in the Don area.