Ministry of Industry proposes to establish a fund for the funding industry at low rates
Ministry of Industry and Vnesheconombank (VEB) may establish a fund of 30-50 billion rubles for the lending industry at a rate not exceeding 5%. Fund size is too small and the business is not up investments reported today Please register to see the link referring to experts.
Ministry of Industry proposes to fund the lending industry at low rates, said yesterday the minister Denis Manturov meeting with members of the president's government. The idea is to complement the direct budget funding return, explained Manturov. Now the average rate on corporate loans - about 9% per annum, it is high enough, says head of the laboratory CMASF Vladimir Salnikov. The Fund is ready to lend to businesses at no more than 5% per annum, said Manturov.
With a registered capital of the fund is expected to make at least 30-50 billion rubles. Spoke Manturov government hour in the State Duma in January. Funding, the applications and provide investment expertise VEB he said President Vladimir Putin. The fund will provide liabilities of the bank, said, "Vedomosti" Manturov through the press service: "This may be the federal budget in conjunction with the involved [VEB] funds from the capital market". The maximum loan term - 15 years, the minister said, will ensure themselves created or modernized facilities. Items will be clear later, says the VEB.
Solutions to create a fund not, said a representative of the Ministry of Finance. Not clear how the new mechanism will be linked with the existing state support, asks the representative of Economic Development. And this is not the only claim not identify priority projects for financing, there are no clear criteria for selection, he enumerates. The problem of high interest rates to better address systemic and not selectively for individual projects, said the representative office: "Priority should be given to better improve the existing support mechanisms and setting up the financial system, including project financing".
If the company and shall be credited, it is not a good life, I'm sure vice president of RSPP Igor Jurgens: "Business thinks about how to clean up portfolios of unprofitable assets, it is not up to investment". Announced rate of 5% is also questionable, he doubts: because of sanctions VEB increase the cost of foreign loans, which will affect the conditions of the regulations for small lending industry.