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Russia may reduce loan rate for businesses to annualized 10%

December 23, 2013, 18:23 UTC+3 MOSCOW
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MOSCOW, December 23. /ITAR-TASS/. Russian government and its ministries of economic development and finance are considering the possibility of limiting the lending costs for businesses to 10 percent per year, First Deputy Prime Minister Igor Shuvalov told TV channel Rossiya-24.

“For small businesses the loan rate is very high,” he said adding the rate of 10 percent now being discussed in the government requires about 100 billion rubles (about $3 billion) from the National Wealth Fund (NWF). Shuvalov added the initiative had drawn much criticism.

“I cannot promise we’ll launch the mechanism but we’ll try to,” he said. “Part of the funds, about 10-15 percent of the NWF, may fall under the system of state guarantees.

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