Russia small business fund

The Russia Small Business Fund (RSBF) was the EBRD's first pioneering initiative in the field of MSE finance, and remains a showcase for the Bank's MSE lending programmes. The programme was launched in 1994 and the model has since been replicated in most of EBRD's countries of operation.

The RSBF programme currently operates through partner bank branches across the whole of the Russian Federation, stretching from Kaliningrad to Vladivostok.

The RSBF was established with a pledged contribution of US$ 150 million from the EBRD and the same amount from donor countries. The United States has thus far provided US$ 42 million in grants and loan funds to the RSBF followed by Japan with US$ 30 million. The EU has so far provided the RSBF with grant funds of €26.5 million, the UK, France and Germany granted US$ 15 million each, Canada provided $8.1 million and Switzerland US$ 4.5 million.

The bulk of current MSE lending under this programme is carried out through KMB Bank, a specialised MSME finance institution in which EBRD was a founding shareholder. Banca Intesa of Italy recently purchased 75% of KMB Bank and has committed to maintain and develop KMB’s MSE finance business in the future, providing clear evidence of the commercial viability of this type of lending operation. EBRD will remain a 25% shareholder in KMB Bank to provide the benefit of its experience and expertise in this area to the institution, which will be renamed Intesa-KMB Bank.

The other banks participating in the RSBF are Absolut Bank, Chelindbank, FORUS Bank, MDM Bank, NBD Bank, Probusinessbank, Transcapital Bank, UralSib Bank, Uraltransbank and URSA (formerly Sibakadembank and Uralvneshtorgbank).

The Operation report is published on a semi-annual basis. For copies of previous reports, please contact Vickie Weaver (weaverv@ebrd.com).