22 July 2003 07:14
RUSSIA TO ALLOCATE $500 MILLION TO GUARANTEE EXPORT OF INDUSTRIAL
PRODUCTS IN 2004
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.
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
Alyoshin said transactions in the area of export support will be
prepared by Roseximbank, the Finance Ministry, and the Economic
"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.
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
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.
civil aviation market, of which Russia has retained only 0.03%.
Development and Trade Ministry.
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.
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