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Russian Central Bank drafts new refinancing programs for investment projects

April 08, 2014, 21:25 UTC+3 GORKI
This step will guarantee more resources to the banking system without the hike in the cost of borrowings, and without the growth of rates on the banking market, Finance Minister Anton Siluanov says
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© ITAR-TASS/Aleksandra Mudrats

GORKI, April 08. /ITAR-TASS/. The Central Bank of Russia will support banks through the setting up of new refinancing programs with terms up to three year for the implementation of high-efficient investment projects, Finance Minister Anton Siluanov told reporters summing up results of Tuesday’s meeting with the prime minister. Participants in the meeting focused on the development of the Russian banking system.

“The Central Bank works out new refinancing products with long terms up to three years in order to fulfil investment projects, high-efficient projects, including those with covered warrants, and without guarantees with the possibility to grant loans under state contracts, as well as high-efficient commercial projects,” Siluanov said.

In his words, this step will guarantee more resources to the banking system without the hike in the cost of borrowings, and without the growth of rates on the banking market.

“Now, the Central Bank drafts requirements to commercial banks, which have to develop such projects. The main thing is who will estimate those projects,” the minister said, pointing to the possibility to draw outside consulting companies in order to carry out an assessment of such projects. “Here, the Central Bank might make appropriate decisions with due account of expert opinion,” Siluanov said.

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