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Gov't contemplates Russian import-export bank
RBC, 10.10.2005, Moscow 10:39:23.The Russian government is proposing to merge Vnesheconombank and Roseximbank into a governmental specialized import and export bank, and define its status, functions and powers, the program of the additional measures to accelerate Russia's economic growth reads. This particular measure is aimed to support Russian exports in view of Russia's coming accession to the WTO. The government's report stressed that Russian export is characterized through a large share of raw materials and low diversification. Exports account for around 33.4 percent of Russia's gross domestic product, yet top 5 export items take up around 60 percent of all export deliveries. The new bank's primary task will be financial support of the export of goods and commodities through granting and refinancing export credits. The government finds it necessary to raise the bank's capitalization to RUR30bn (approx. USD1.054bn), around the average capital size of similar foreign banks. The government also proposes an export credit guarantee system, which will provide exporters with comprehensive insurance against political and long-term commercial risks.
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