Eximbank of Russia to be recapitalized by 30 bln rubles over 3 yrs - Shuvalov
GORKI. June 20 (Interfax) - Eximbank of Russia will be recapitalized by 30 billion rubles in the course of three years.
"According to government plans, the recapitalization of Eximbank of Russia should be carried out over a period of three years and will amount to 30 billion rubles," First Deputy Prime Minister Igor Shuvalov said at a meeting between Russian Prime Minister Dmitry Medvedev and deputy prime ministers.
He said this concerns the period of 2015-2017.
Shuvalov said that support of non-commodity exports is one of the main areas of the government's work.
"The government's decision from June 14 confirmed the procedure for providing subsidies towards the recapitalization of Eximbank of Russia in the amount of 8.1 billion rubles," Shuvalov said. "This money will be presented the Vnesheconombank (VEB) and then transferred to the charter capital of Eximbank of Russia via the purchase of shares of the bank."
Shuvalov said that having received this capital, the bank will be able to raise up to 50 billion rubles together with this sum to lend to companies. "Because these companies should, according to the rules for the provision of subsidies, be able to take care of finding additional capital at other credit organizations, then as a whole, about 100 billion rubles will be provided through this mechanism towards the support of non-commodity exports," he said.
Shuvalov said that this work is being carried out not only in the framework of VEB and the Russian Export Center, Industry and Trade Ministry employees are actively involved in it. "And these projects should facilitate [the process by which] the structure of our economy becomes less dependent on oil and gas," he said, noting that this concerns projects that are being implement by medium-sized and slightly larger businesses. "Our projects are not huge, which we are lending to with Russian Export Center lines, including those for nuclear energy and so on, but these are deals, which in general are extremely interesting for us," he said.