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Russia’s industry development fund may be created within VEB

On Wednesday, Industry and Trade Minister Denis Manturov called for establishing an industry development fund to disburse funds for industries at an annual interest rate not exceeding 5%

Denis Manturov (archive) ITAR-TASS/Stanislav Krasilnikov

Denis Manturov (archive)

© ITAR-TASS/Stanislav Krasilnikov

MOSCOW, March 20. /ITAR-TASS/. An industry development fund might be created within the state-run Vnesheconombank (VEB), Finance Minister Anton Siluanov told the congress of Russian Union of Industrialists and Entrepreneurs on Thursday.

“A fund for support of industry may be created within VEB,” he said.

On Wednesday, Industry and Trade Minister Denis Manturov called for establishing an industry development fund to disburse funds for industries at an annual interest rate not exceeding 5%.

“The financial sector cannot sharply cut the loan interest rates for industries, therefore we propose to create an industry development fund,” he said. “The fund, in fact, will be a special crediting program of Vnesheconombank and the Ministry of Industry and Trade.”

The new fund will allow enterprises to get long-term financing at competitive interest rates, Manturov noted, adding that “an interest rate not exceeding 5% means an opportunity to launch new productions and create additional jobs”.

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