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Ministry proposes ways to boost lending to small and medium-sized business

August 12, 2013, 23:56 UTC+3
This can be done by placing 100 billion roubles from the National Welfare Fund through VEB Bank
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Photo ITAR-TASS / Sergey Fadeichev

Photo ITAR-TASS / Sergey Fadeichev

MOSCOW, August 12 (Itar-Tass) - The Russian Ministry of Economic Development has proposed increasing the amount of loans issued to small and medium-sized businesses by 500 billion roubles by subsidising the interest rates.

This can be done by placing 100 billion roubles from the National Welfare Fund through VEB Bank, the ministry said.

Minister of Economic Development Alexei Ulyukayev said in this case loan interest rates would not exceed 10 percent per annum.

At the same time, he said that the amount of loans and their limit would depend on how the economy develops.

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