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Russia to launch agency of credit guarantees in late spring - early summer 2014

KRASNOYARSK, February 28. /ITAR-TASS/. Russia will launch an agency of credit guarantees, which should perform functions of a federal guarantee agency, in late spring or early summer 2014, Russian First Deputy Prime Minister Igor Shuvalov said at a business breakfast of business news daily Vedomosti at the Krasnoyarsk economic forum on Friday.

“An agency should start working in late spring or early summer. We are already preparing to it administratively. There are some officials who will rule the agency,” he said.

The Ministry of Economic Development has earlier prepared a governmental draft resolution on creating an open joint stock non-banking depository organization titled an agency of credit guarantees. The agency will perform functions of a federal guarantee fund and is created to fulfill measures of guarantee support to small and mediums businesses. According to the initial project, Russian state authorities were expected to allocate ten billion rubles in the agency’s charter capital in 2014 and another 20 billion rubles in 2015. The Federal State Property Management Agency will be a co-founder of the agency and the Ministry of Economic Development will be its stockholder on behalf of the country’s government. The agency should bring together at federal level regional credit guarantee funds of small and medium businesses.

However, upon results of a meeting chaired by Prime Minister Dmitry Medvedev the Finance Ministry has drafted amendments in federal budget for 2014-2016 that gave an opportunity to the government to make a 50-billion-rouble contribution in the charter capital of the credit guarantee agency in 2014 through redistribution of budget allocations.

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