22 July 2003 01:49
Russia to allocate $500 million to guarantee export of industrial
products in 2004
MOSCOW. July 22 (Interfax) - Russia will allocate $500 million to guarantee the export of industrial products in
2004, and another $50 million will be allocated from the budget to subsidize interest rates on export financing, Russian
Deputy Prime Minister Boris Alyoshin told reporters on Tuesday.
"This will help increase the export component of Russian industrial products by $2 billion," Alyoshin said.
The export of machinery and technical products from Russia currently amounts to some $10 billion.
Specific guarantees are to be developed before September 1. "Businessmen should be able to come to the country
he is interested in and put forward demands, which the buyer of Russian products could put forward to his
government," Alyoshin said.
The best recipients of such loans are countries that have no investment rating and are below Russia in the
classification of the Organization for Economic Cooperation and Development (OECD), Alyoshin said. In addition, such
countries traditionally include the CIS, China, Egypt and Mongolia. "We actually have to win our traditional
markets back," he said.
Alyoshin gave information showing that Russia, which used to have 10% of the world's power engineering, now has
only 1%, and 20% of the civil aviation market, of which Russia has retained only 0.03%.
Alyoshin said transactions in the area of export support will be prepared by Roseximbank, the Finance Ministry, and
the Economic Development and Trade Ministry.
There is no list of products that will take part in the system of export support, Alyoshin said. It is planned for
the work to be organized according to the country principle, and political and other risks for specific countries will
be listed in special tables. "Probably there will be some limit for certain countries, but maybe we will not have
any limits," Alyoshin said.
Alyoshin said the federal budget for next year may have some funds for advertising and promoting the new export
support system. [RU EEU EUROPE ASIA EMRG ECI] av tl <>
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