17 October 2003 09:12
Russian cabinet appoints bank to handle small business lending
Moscow, 16 October: The Russian government has approved the Ministry of Antimonopoly Policy and Enterprise
Support's proposal to give the government's R3bn small business guarantees to the Russian Bank for
Development, Antimonopoly Policy and Enterprise Support Minister Ilya Yuzhanov told reporters Thursday [16 October].
Of the total, the bank will use 85 per cent of the R3bn guarantees to raise funds on financial markets and then to
provide long-term low-interest loans to small businesses via authorized banks. The bank will use the other 15 per cent
in its own system of guarantees, Yuzhanov said without elaborating.
The Ministries of Economic Development and Trade, Finance and Antimonopoly Policy and Enterprise Support and the
Russian Bank for Development are to work out the terms for small business loans and to submit them to the government
before 15 November 2003, Yuzhanov said.
[Prime-TASS news agency] |
RUSSIA IN FACTS
