22 Oct 2013 09:40

Finance Ministry not planning to recapitalize VEB directly from budget - minister

MOSCOW. Oct 22 (Interfax) - Russia's Finance Ministry is not planning to recapitalize Vnesheconombank (VEB) directly from the government budget, Finance Minister Anton Siluanov told reporters.

"We're looking for resources for VEB, though not through capitalization directly from the budget but with various options, perhaps guarantee support, so that they can steadily borrow on the market more cheaply. We're looking. There is an order to prepare proposals on VEB's resource base. What instruments this will be done with is still being discussed," Siluanov said.

Siluanov said in September that the government was considering various sources for bolstering the resource base of the state lender, not only recapitalization from the federal budget.