Russia has created a strong credit financing system for large, small and medium-sized enterprises, including within the framework of a developed system of state support measures. This was announced on the sidelines of the St. Petersburg Economic Forum by PSB Chairman Petr Fradkov.
At the same time, enterprises, especially small and medium-sized enterprises, need to create additional infrastructure to attract equity financing as a source of extrabudgetary funds, he noted during a speech at the roundtable ” Attract extrabudgetary funding for the implementation of import substitution projects.”
“Banks are of course the first source of financing, because they are structured systems which, thanks to their competence and experience, make it possible to receive funds quickly. According to our estimates, bank credit is only the third most requested and most important item for financing SMEs, while the bulk of financing comes from company equity and equity. At the same time, if we talk about extrabudgetary funding, including for import substitution projects, then the volume of attracting private investment over the past two years has increased slightly, but remains insufficient,” said Petr Fradkov.
As a possible tool to attract extrabudgetary funding, he cited the creation of a specialized platform with simplified access for these companies to investment resources and obtaining equity financing. At the same time, according to Petr Fradkov, many countries have followed this path, some of which have adapted the entire exchange for these purposes.
“Such an instrument for attracting investment resources can be fully regarded as an element of import substitution financing. In addition, the banks will only benefit from the establishment of such a complete financing system, since the structure of the balance sheets of the borrowing companies will change for the better”, summed up the boss of the PSB.
Speakers at the session were also Nikolai Zhuravlev, Deputy Chairman of the Federation Council of the Federal Assembly of the Russian Federation, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, Ilya Torosov, First Deputy Minister of Economic Development of the Russian Federation, Alexei Demidov, Vice President of PJSC United Aircraft Corporation for Economy and Finance, Daniil Algulyan, Vice President of VEB.RF.
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