Italian firms working on Russian market can count on investment loans

Starting with the next year, Italian firms willing to operate on the Russian market can count on loans amounting up to 1.5 billion euros, according to the Italian Foreign Trade Ministry press-release issued on Friday.

The press-release stresses that the corresponding agreement which will come into force already next January was made possible due to an agreement between the Simest concern, providing investment for the Italian firms functioning abroad, and Mediabank, and Vneshtorgbank.

To receive a loan, a project should be estimated at 30 million euros at least, be a joint venture and guarantee production with high surplus value.

According to the agreement, after the Italian Mediabank and the Russian Vneshtorgbank approve the chosen projects they should secure a guarantee of SACE, the company insuring investment loans, and the participation of Simest in the capital, funding, and benefits on interest.

While commenting on the agreement, Adolfo Urso, Deputy Minister for Productive Activities, called it "strategic and crucial," stressing that time had come for Italian firms to launch a new stage of co-operation with Russia - investment in production, while Italian exports to this country had grown by 40% on average.