Russia’s RDIF to allot 15 bln rbl to non-energy export firms

Prime News, 18.06.2015

STRELNA, St. Petersburg, Jun 19 (PRIME) -- The Russian Direct Investment Fund (RDIF) will allot up to 15 billion rubles to support mid-sized non-energy export companies, in accordance with an agreement signed late Thursday.

RDIF, the Agency for Strategic Initiatives, Vnesheconombank (VEB), and the National Export Center on Thursday signed an agreement to support Russian medium-sized non-resource companies through the implementation of an “investment lift” scheme.

The “investment lift” mechanism is a program to accelerate development of medium-sized non-resource companies with export potential or with a potential for import substitution. The program is aimed at removing barriers and ensuring dynamic growth of business. It aims to increase revenue from exports in promising Russian companies and reduce the Russian market’s dependence on imported goods and services.

The “investment lift” mechanism was approved in late May at a meeting of the Agency for Strategic Initiatives’ supervisory board chaired by President Vladimir Putin.

Under the agreement, VEB takes on responsibility to help attract debt financing for potential participants of the mechanism, the Agency for Strategic Initiatives will choose projects and companies for support, and the National Export Potential will reduce administrative barriers for them.