18.12.08

Prime Minister Vladimir Putin has ordered the creation of a working group to support large strategic industrial enterprises.

“It is necessary to work out specific measures to support these enterprises and create an additional working group composed of officials from the Ministry of Economic Development, the Industry Ministry, the Agriculture Ministry and the Energy Ministry,” he said on Monday.

Putin referred to several mechanisms of support to enterprises. “These measures will include loans to enterprises, including against governmental guarantees, participation in their capital, subsidising of loan interest rates, governmental contracts, and rescheduling of tax debts or the granting of tax credits,” he said.

In his opinion, this group should include officials from the Central Bank, VTB, Rosselkhozbank, and Gazprombank.

Putin cautioned that the latter measures should be used carefully. “I ask you to consider using this measure in order not to encourage dependency,” he added.

According to the prime minister, such groups should be created in all regions and include officials from major banks. Regions should also be empowered to give guarantees to banks for unsecured loans to enterprises.

“Selection criteria should be worked out thoroughly. Regions should take into account regional specifics when drawing up this list,” Putin said.

He believes that the new system “should embrace no less than1,500 enterprises in Russia”.

“I would like the commission for enhancing the sustainability of the economy to approve these lists not later than Wednesday,” he said.

Putin said these several hundred major enterprises made over 85 percent of the gross domestic product. Their annual turnover is 15-16 billion roubles and they employ over 4,000 people.

“These are big taxpayers and major employers that employ over 30 percent of people in their localities,” Putin said.

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Source: Itar-Tass