MOSCOW, April 11 (AVN) - A leading Russian industrialist said on Wednesday the government resolution "Concerning Measures of State Support to Renovation of Naval, River, Aerial Vehicle Park and their Construction" was an important measure aimed to support the productive sector of the Russian economy.
The resolution opens new prospects for domestic manufacturers of hi-tech products and gives a chance to renew the Russian vehicle park that is both worn-out and outdated, Boris Kuzyk, director general of the New Programmes and Concepts holding company, told the Military News Agency. Besides, the scheme proposed in the resolution confirms that the government is indeed willing to co-operate with private businesses, he said.
Kuzyk recalled that the Severnaya Verf shipyard laid the keel of the first out of 10 Valdai Project bulk carriers for the North-western steamship line in January 2001. Both enterprises form part of New Programmes and Concepts.
The Russian Savings Bank provided a USD49m credit for construction of the vessels. The Savings Bank is one of the few Russian banks that finance long-term projects of the country's hi-tech industry.
According to Kuzyk, the mechanism of credit interest backing will be practised during implementation of the project. The government has appointed the Transport Ministry the main manager of funds provided for the project by the Finance Ministry.
As it was earlier reported, the agreement between the Savings Bank and the Transport Ministry signed on March 5 says that 30 to 50 percent of the interest rate in credits granted to transport enterprises will be reimbursed out of the state budget. The federal budget allocates RUR50m (USD1.73m) for reimbursing a part of the interest rate. Risks are assumed by the bank, not the state. Experts believe that it is the first attempt to adjust the state guarantee system to the market economy.
Such schemes can be applied to construction of fishing trawlers and aircraft, Kuzyk said. He lashed out at experts that say it would be better to spend the budget funds allocated for interest rate backing on more important needs of the state. According to him, such stance is narrow-minded.
By application of the interest rate reimbursement scheme, the states will gain a lot in the future, Kuzyk said. First, tax revenues will by far exceed budget investments. Second, the Russian fleet will get new vessels. Third, plants will get orders, thus becoming capable of paying salaries, solving social problems of its employees and preserving the personnel, intellectual and production potential of Russia's hi-tech industry.