On October 24, 2002 the State Corporation of the Italian Ministry of Industry SIMEST and OJC Commercial Bank Center-invest signed the protocol of intentions on a pilot project for setting up joint ventures of Italy and the Rostov region.

Under terms of the agreement Bank Center-invest will select three projects which will be reviewed by SIMEST experts and recommended to Italian businessmen. In case of creation of joint venture in the Rostov region SIMEST will undertake political risk guarantees and co-financing of the projects.

Moscow Representative of SIMEST Pietro Bottini had a meeting with the Deputy Minister of Economy and International Economic Relations Anna N. Palagina and discussed questions of cooperation between small and medium enterprises of the Rostov region and Italy. Mr. Bottini visited one of the enterprises - potential participants of the project and expressed his satisfaction with the level of production organization from the point of view of potential Italian investors' interests.

SIMEST was created in 1991 as a joint stock company controlled by the Ministry of Industry, ex Ministry of Foreign Trade. Its shareholders include banks, firms and business and sectoral associations. It was created to support entrepreneurs on all aspects of business internationalization with the additional aim of buying minority shares in joint ventures set up abroad (outside the European Union) by Italian companies.

Proposals under the projects are accepted on phone +7 8632 67 8954.