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Russian banks to use $15 bln from bond sale to finance priority projects — PM

January 15, 2015, 15:25 UTC+3

Priority sectors include agriculture, manufacturing industry, chemical and food industry, and also machine-building, communications and construction

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© Smitry Astakhov/Russian government press service/TASS

MOSCOW, January 15. /TASS/. The Russian government will allocate 1 trillion rubles (about $15 billion) to the Deposit Insurance Agency to faciliate bank lending for priority projects, Prime Minister Dmitry Medvedev said on Thursday.

“The decision on corporate procedures has been taken and the Agency will use these funds to pay for the issues of banks’ subordinated bonds and facilitate bank lending to projects in the priority sectors of the economy,” the premier said at a government meeting that discussed the economic situation in the country.

Priority sectors include agriculture, chemical and food industry, as well as machine-building, communications and construction, he said.

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