Nizhny Novgorod province with its powerful industrial and intellectual potential, developed transportation network, well-trained professional labour is one of the most rapidly progressing regions in this country.
Taking advantage of its location linking Europe with Asian countries, Nizhny Novgorod makes a positive input in building up of international economic relations. The region is creating a friendly environment for investments and business through its extended financial infrastructure propped by spreading network or commercial banks, insurance companies, investment institutions and other organizations providing for personnel training, security of businesses and market information service.
The Nizhny Novgorod banks are involved in effective co-operation with the European Bank of Reconstruction and Development raising mini-loans to small businesses and sole traders. Since 1994 the EBRD venture funds in Nizhny Novgorod are controlled by CARESBAC (CARE Small Business Assistance Corp.). In 1994 the control stake of AO Volga, a major Russian paper production plant, has been acquired by an investment consortium which includes Herliz Concern, the International Financial Corporation and Credit Swiss Fest Boston Bank. The total investments volume for AO Volga will sore to USD 165mln.
The above mentioned as well as construction of an international air terminal in Nizhny Novgorod airport, starting in 1996 regular Lufthansa flights between Frankfurt-an-Mein and Nizhny Novgorod, construction of new morden hotels and other activites targeted to business infrastructure development, will create favorable opportunities for our future partners.

I am hopeful that those involved in business and finance find in Nizhny Novgorod province an attractive region for investments and co-operation in Russia.