The Foreign Ministry’s support to SMEs for project preparation in Russia to cease after 2011

An SME planning to expand its business to Russia has been able to receive support from the Foreign Ministry for project preparation. For budgetary reasons, this support will no longer be granted after 2011.

The Finnish Ministry for Foreign Affairs has supported the development of cooperation between Finland and Russia by financing project studies conducted by Finnish SMEs since 2003. Finnvera has served as an expert and a liaison organisation in projects financed by the Ministry.

In line with the Government Programme, the appropriations allocated for neighbouring area cooperation in the State Budget will decrease during this Government’s term of office.

The Foreign Ministry’s support to Finnish SMEs for project preparation in Russia will cease after 2011. The cessation of support will not affect projects that have already received a favourable support decision. The appropriation for the current year still has approximately 400,000 euros available for support. Applications for support addressed to Finnvera are processed in the order of their arrival.

Between 2003 and 2011, the Foreign Ministry has granted a total of over 5 million euros for project preparation. This support has helped about 180 enterprises to start business in Russia. Apart from project studies, the support has been used for compiling business plans, training, and for the acquisition of expert services. 

The Nordic Project Fund (Nopef) and the Centres for Economic Development, Transport and the Environment (ELY Centres) continue to grant support for project studies of this type (Nopef, http://www.nopef.com/; ELY Centres, http://www.ely-keskus.fi/).

Additional information:
Finnvera plc
Financing Manager Jari Mehto, tel. +358 20 460 7248