The European Union has allocated EUR60m for supporting small businesses in Russia over the past 10 years, the second secretary of the European Commission's office in Russia declared at an exhibition devoted to small and medium-sized businesses in Russia today. He mentioned three current programs aimed at supporting small businesses by the EC. In particular, this is a program of crediting small businesses, which is implemented together with KMB Bank and totals EUR3m. It is implemented in 7 Russian regions and will be completed by the end of 2004. The second program totaling EUR1.5m is aimed at supporting the infrastructure of small businesses. It envisages the introduction of international quality standards for small businesses in Russia. The third EUR2m program is aimed at launching information and communication technologies at small businesses in the North West Federal District.
The head of the European Commission in Moscow stressed that the EU was ready to continue supporting small and medium-sized businesses in Russia through TACIS.