India to lend $100 million to VEB

India’s Eximbank will lend Vnesheconombank (VEB) $100 m to support small and medium business in Russia, VEB Chairman Vladimir Dmitriev said.

“I expect that when Russian President Dmitry Medvedev visits India in December, we will sign an agreement with the country’s Eximbank for a $100 m credit line to support small and medium business,” Dmitriev told Interfax.

The loan will be disbursed to regional Russian banks under VEB guarantees. “These funds will be made available to regional banks under VEB guarantees with a specific focus on supporting small and medium enterprise,” Dmitriev added.

He pointed out that the funds would be lent to small and medium businesses owned by Indian businessmen but operating in Russia.

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