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G20 ministers urge int’l development institutions to look beyond lending

The G20 financial leaders believe it necessary for international banks to buy into companies’ capital and get directly engaged in their development

MOSCOW, February 16 (Itar-Tass) – International development institutions should not limit their work to just lending to business, the G20 finance ministers and central bank governors said at their meeting in Moscow on Saturday, February 16, Russian Finance Minister Anton Siluanov said.

The G20 financial leaders believe it necessary for international banks to buy into companies’ capital and get directly engaged in their development.

“We agreed that such international banks as the World Bank and the European Bank for Reconstruction and Development should get more involved in enterprises’s capital,” Siluanov said.

He stressed that this could be no less interesting than lending.

“As a rule, these banks prefer more to lend than participate in the capitalisation of enterprises, which could become one of the serious factors for the development of investments,” the minister said.

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