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.
The discovery of the submarine has unveiled a few "inconsistencies." For example, how can one explain the fact that the sub was found where it needed to be searched for from the start?
When on a state visit to Singapore, Russian President Vladimir Putin promised to revisit the discussion of the 1956 Declaration between the USSR and Japan regarding the issue of the peace treaty with Japan
The TurkStream, which runs along the bottom of the Black Sea from Russia's Anapa to Turkey, will consist of two lines, each with a capacity of 15.75 billion cubic meters of gas a year