Investor Alert

Feb. 18, 2019, 3:18 p.m. EST

Russian Federation : Sberbank concludes cooperation agreement with Kabardino-Balkar Republic

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Feb 18, 2019 (Euclid Infotech Ltd via COMTEX) -- Sberbank has concluded a cooperation agreement with the Kabardino-Balkar Republic. The document was signed by CEO and Chairman of the Executive Board of Sberbank Herman Gref and Acting Head of the Republic Kazbek Kokov at the Russian Investment Forum. The agreement determines the basis of the parties cooperation in the financial and lending area for social and economic development of the Kabardino-Balkar Republic and its main areas.

The parties agreed on interaction: While implementing investment projects to increase gross regional product and industrial diversification of the regional economy, To develop and support small and medium-sized entrepreneurship in the region, Under programmes of infrastructure development of municipal facilities in the region, housing construction and provision of urban amenities, and reforming of housing and utilities infrastructure, While organising banking contract management, On provision of state and municipal services online, On development of a system to provide financial services to residents through remote service channels, On providing financial services to executive bodies, state institutions and state unitary enterprises of the republic, While implementing external educational projects of Sberbank for officials of the republic, While introducing a system for assessing the performance of state and municipal employees.

In particular, Sberbank will consider the possibility to develop programmes to increase housing accessibility, secure money transfer aimed at social support of residents, as well as broaden the list of businesses that can receive loans right after being registered as legal entities and individual entrepreneurs.

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