On October 12, Vnesheconombank Chairman Vladimir Dmitriev participated in the session of the State Council devoted to raising investment in the regions’ economy
Russian Government Approves Additional Financing of 640 Billion Rubles for Development Institutions
(C) INTERFAX 2007
Moscow. October 11. INTERFAX – The Russian Government approved additional financing of 640 billion rubles for development institutions.
“Measures being taken will provide fresh impetus to the economic development,” summarized the discussion Russian Prime Minister Victor Zubkov.
The Government was reported to have considered amendments to the 2007 federal budget in accordance with which 300 billion rubles are to be provided from the Stabilization Fund to finance development institutions. Another 340 billion rubles will be allocated for development institutions from the funds received from the sale of YUKOS assets.
Of 300 billion rubles to be allocated from the Stabilization Fund, 180 billion rubles are scheduled to be invested in the Development Bank’s authorized capital, 90 billion rubles – in the investment fund, 30 billion rubles – in the Russian Nanotechnology Corporation
Of 90 billion rubles to be allocated for the Investment Fund, 15 billion rubles will be invested in the Russian Venture Company to increase its capitalization.
Mr. Zubkov stressed that we should get down to using all mechanisms of development institutions as soon as possible, expand cooperation within public private partnership as well as direct development institutions’ efforts towards regions. According to him, the Government will get back to discussing development institutions’ activities to see how the developed action plan is being implemented.
Premier Zubkov proposed to boost development institutions’ business in the agro-industrial complex
Moscow. October 11. INTERFAX – Prime Minister Zubkov believes that it is important to make development institutions’ activities transparent and, in his opinion, these organizations should render assistance to the agro-industrial complex.
“I would like to draw your attention to the fact that we should make development institutions’ activities transparent, put principles of public private partnership into effect upon carrying out projects financed through using development institutions’ funds and formulate clear-cut and understandable rules for selecting projects,” said Mr. Zubkov opening the sitting of the Russian Government on Thursday in Moscow.
According to him, “development institutions should give high priority to developing the Russian agro-industrial complex, meeting growing demands of the Russian home market for top-quality agricultural products.” “It is a very important current task we have to tackle, in particular, in the context of growing food prices in the world markets,” stressed the Premier.
He said that it is of great importance to provide the growing economy with highly qualified personnel. The Russian President, he stressed, set this task, when he addressed the Russian Council of Legislators.
“I would like to say that qualified personnel familiar with foreign best practices should work in these development institutions,” he said.
“We have to define a clear-cut strategy for development institutions, direct their efforts at diversifying the Russian economy, coordinate carefully their activities with the development of regions and determine performance indicators they are supposed to achieve in their business,” the Premier thinks.
He stressed that in the future we have to monitor development institutions’ activities and exercise control over their performance indicators. “We should do our best to ensure their efficient operation and bring all interested government and business institutions into this process.” Said Mr. Zubkov.
He also stressed that measures being discussed at the meeting would make it possible to fully realize development institutions’ potential and ensure their efficient operation. “In this connection, we’ll also discuss the Draft Federal Law on Introducing Amendments to the Federal Law on the 2007 Federal Budget to provide 300 billion rubles to development institutions for them to increase their capitalization,” said the Premier.