Gazprombank And Intesa Sanpaolo Gear Up For JV Grants

Russian energy company Gazprom‘s banking division, Gazprombank, and Italian banking corporation Intesa Sanpaolo have entered into a joint venture agreement to grant loans to facilitate Russo-Italian business ventures. Loans of up to EUR 300 mln will be granted to Italian companies that want to enter the Russian market and Russian entities that want to explore European opportunities. The agreement is being entered into on the basis of parity and will focus on medium-sized businesses in both countries. The loans will help cross-country business cooperation and will benefit companies from both nations, giving them access to each others’ technology, key resources and a fresh market for their products and services. The deal was born out of the interest that several companies have already shown to Gazprombank for cooperation and growth in new markets.