CBSS Pilot Financial Initiative. Memorandum of Understanding (MoU) CBSS PFI, a new financing tool for sustainable economic development in the region. The PFI is a project that offers a financing opportunity to small and medium-sized enterprises and public-private partnerships. It focuses initially on Russian parts of SEBA and North West Russia, but shall be expanded to other parts of the CBSS region, depending on the accession of additional partner financial institutions to the PFI. Three fields of cooperation relevant to the PFI are: finance for small and medium-sized enterprises (SMEs) in the field of innovation, modernisation, and energy efficiency; PPP projects focusing on sustainable development in areas such as municipal and regional infrastructure, energy efficiency, ecology and climate protection; and non-financial cooperation such as conferences, seminars, round tables, trainings related to the above-mentioned areas. Achievements: A Memorandum of Understanding (MoU) outlining the Initiative was signed between the Secretariat of the Council of the Baltic States, KfW Development Bank (KfW Entwicklungsbank) and the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) on the sidelines of the Baltic Sea States Summit in Stralsund, 31 May 2012.