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Ministry: Foreign banks with 30% Russian government stake may get target aid

December 22, 2014, 12:19 UTC+3 MOSCOW

The government will give $8.2 billion loans until 2018 to support local investment projects

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© AP Photo/Alexander Zemlianichenko

MOSCOW, December 22. /TASS/. Foreign banks with the Russian government’s stake of at least 30% may participate in a program of project financing, to borrow money and give loans on investment projects, the Economic Development Ministry said in a statement Monday.

The government approved the program in October and it will give $8.2 billion loans until 2018 to support local investment projects.

An international financial organization must establish an affiliate under intergovernmental agreement with Russian authorities to participate in the program, the ministry said.

A bank submitting application must have an experience of public placement of securities in Russia, and it must have at least 20% capital adequacy rate. The bank’s share of loans given to Russian companies or invested in Russian bonds must stand at least at 25%.

A Russian bank must have at least $1.6 billion of own funds and an experience of participation in at least 10 investment projects over the last three years, with each amounting to $49.4 million and more, to be eligible.

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