On June 3 in Moscow a meeting was held between Russian banks, which are the partners of German Bank for Development KfW, and Chairman of the Executive Board of KfW Hans Reich and a member of the Board of KfW banking group Ingrid Matthäus-Maier, on October 1 of 2006 Mrs. Matthäus-Maier will take the chair of the Executive Board of Kfw banking group. Journalists representing leading mass media of Germany also took part in the meeting: Handelsblatt, Frankfurter Allgemeine Zeitung, Financial Times Deutschland, die Zeit, WirschaftsWoche, Frankfurter Rundschau, Business Report, Süddeutsche Zeitung, Der Tagesspiegel, Börsen–Zeitung.

In his speech during the meeting the Chairman of the Board of Directors of Center-invest Bank professor Vasily V.Vysokov, doctor in economics, underlined the fact that German business is to be informed about the most important trends of cooperation between Russia and Germany on regular basis:

“First of all, nowadays, business is leaving Moscow for regions, where it is less exposed to political risks and more concentrated on real economy.Secondly, irregardless of election results, Russia needs new industrialization whilst industrialization in Russia was always based on German equipment and engineering.

Thirdly, cooperation between Russia and Germany should not be limited to Gazprom and E.ON AG agreements only, this cooperation should necessarily include direct links between small and medium enterprises of our countries.

Taking into account the increasing role of the state for the investment process in Russia, it is important to use KfW experience to reform Russian Bank. Being a state structure KfW refinances and issues guarantees for commercial banks during realization of national programs.”

KfW Banking group is one of the leading banks of Germany and it promotes economical development of European, Asiatic and African countries. Authorized capital of KfW is divided between The Federal Government of Germany (80%) and Federal Lands (20%).