Russia to set up agency to insure foreign trade contracts

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Russia to set up agency to insure foreign trade contracts

ST. PETERSBURG. Nov 21 (Interfax) - The Russian government will allocate 60 billon rubles in support for high technology exports in the form of government guarantees, Prime Minister Vladimir Putin said.

"A special government agency for insuring foreign trade contracts will be set up in 2010," Putin said at a United Russia party congress on Saturday.

"About 60 billion rubles, or more than $2 billion, will be allotted in support for hi-tech exports in the form of government guarantees next year," Putin said. "Another 3 billion rubles will be earmarked for subsidizing interest rates on export loans," he said.

The government plans to spend 13 billion rubles to subsidize this agency itself, he said.