On May 14, 2012, VTB Bank, Bank of Moscow, TransCreditBank, and theAgency of Strategic Initiatives for New Projects Promotion have signed a cooperation agreement, which is aimed at developing and implementing higher priority innovative projects by the parties, including those implemented by Russian medium and small businesses. The agreement focuses on overcoming barriers in the medium-sized business development and disseminating best practices of entrepreneurial activity support in regions.
Vasily Titov, First Deputy President and Chairman of the Management Board, said: “For VTB it is especially important that this project, which is aimed at small and medium-sized business development, is not only promising from the Group’s business viewpoint, but also serves the interests of the entire Russian economy”.
Artem Avetisyan, the Agency of Strategic Initiatives for New Projects Promotion Director in charge of “New Business” area, emphasized: “In terms of finances, very many projects need a credit and a strategic investor, and in this case the Agency may be a very good and effective communicator. The interaction between our organizations is an example of active work for the sake of the Russian entrepreneurship development”.
The Agency of Strategic Initiatives for New Projects Promotion is an independent non-commercial organization, which was established by the Russian Federation government in 2011.
The Agency’s goals are to promote projects and initiatives of medium-sized businesses, to develop and increase the number of leaders among the medium-sized businesses and in the social sector, to improve entrepreneurial environment, and to create the positive image of an entrepreneur and entrepreneurial activity in Russia.