News

Vincenzo Trani, Chairman of the Board of investment holding General Invest has joined the Board of Modernization Innovation Development (MIR), a Fund under Russian law founded by the Agency for Strategic Initiatives (ASI), government institution established in 2011 by the Chairman of the Government of Russian Federation V.V.Putin who currently heads its Supervisory Board.

On January 20, 2014, composition of MIR Fund Board of Directors joined by Vincenzo Trani, Chairman of General Invest Holding Board of Directors, was approved by resolution of its sole shareholder, Agency for Strategic Initiatives (ASI).

Modernization Innovation Development Fund was established with the object of financing small and medium-sized businesses and their joint ventures with foreign companies operating in the field of real economy, high-tech, engineering (instrument-making), ecology, biotechnologies, production of composites and energy efficiency. As a management company MIR administers the important assets directed by the Russian Federation through Vneshcombank to the technological development of small and medium-sized companies.

Since 2011 ASI has been selecting projects with the highest innovative potential and providing support to them by removing administrative obstacles, facilitating collection of benefits and other government support means, thus helping small and medium-sized businesses of strategic interest to grow. While analyzing business requirements the Agency for Strategic Initiatives (ASI) came to the conclusion that the difficulties of gaining access to credit resources are currently one of the principal impediments to the development of innovative medium-sized business in the real sector of economy. Due to its highly efficient Supervisory Board consisting principally of the Ministers in office and the Presidents of the State Banks of the Russian Federation, in a short period of time MIR developed all the necessary infrastructure and started its financing activity within the framework of the business support program.

Vincenzo Trani, Italian banker and financier, in the course of his more than 14 year activity in Russia and CIS countries has been paying particular attention to the development of small and medium-sized businesses. Among Mr. Trani’s successfully implemented projects are the efficient start up of loan schemes for small and medium-sized businesses implemented at MDM Bank, development and sale of KMB Bank, the leader of loan granting for small and medium-sized businesses which was the property of the European Bank for Reconstruction and Development (EBRD) consequently sold to Banca Intesa by Trani himself. The establishment of Mikro Kapital management company and investment fund under the law of Luxemburg focused on loans to small businesses, the only profit-making fund in the sector, has been Mr. Trani´s one more innovative project. Today Mikro Kapital has over 30 branches in Russia, Bielorussia, Moldavia and Armenia.

The knowledge and experience of the new Board of Directors of MIR Fund joined by Vincenzo Trani will enable to implement more business initiatives as well as establish in the long run a secure platform for the making and development of the Russian Federation middle class.