Pilot Financial Initiative

 

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The Pilot Financial Initiative (PFI) offers a financing possibility for small and medium-sized enterprises and for public-private partnerships launched on the initiative of the Russian CBSS Presidency.

A Memorandum of Understanding (MoU) outlining the Initiative was signed by the Partners at the Baltic Sea States Summit in Stralsund 31 May 2012*. The MoU outlines the main directions of the PFI, and establishes a Steering Committee for the Initiative.

Partners are the CBSS Secretariat and the Russian as well as German public promotional banks: Vnesheconombank (VEB) and KfW respectively.

In the first phase KfW intends to provide Vnesheconombank with long-term loans, for on-lending to projects approved by the Steering Committee consisting of representatives of the PFI Partners. It is envisaged that the Initiative will be extended to otherfinancial institutions from the CBSS region joining the PFI as well.

It initially focuses on Russian parts of the South Eastern Baltic Sea Area and on North West Russia, but shall be expanded to other parts of the CBSS region, depending on interest, and depending on accession by additional partner financial institutions to the PFI.

 

* The MoU was signed by Jan Lundin, Director General of the CBSS, Michael Kopeikin, Bank for Development and Foreign Economic Affairs and

Stephan Opitz, KfW, in the presence of Igor Shuvalov, Deputy Prime Minister of the Russian Federation.

 
 
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