Exec: VEB.RF issues 77.25 bln rbl guarantees for wage loans

MOSCOW, Apr 23 (PRIME) -- Russian state development corporation VEB.RF has issued 77.25 billion rubles of guarantees to commercial banks under a program of so-called wage loans for small businesses out of a planned amount of 100 billion rubles, Chairman Igor Shuvalov said on Thursday in a conference.

“VEB.RF issued guarantees worth 77.25 billion rubles out of the planned 100 billion rubles to commercial banks in the framework of the program of wage loans for small businesses,” he said during the conference of the Shanghai Cooperation Organization (SCO) Interbank Consortium.

“The government is doing great work to support small businesses during the coronavirus outbreak. Our common goal is to minimize the negative impact of the pandemic on businesses, which will be the driver of the ensuing economic recovery. We are discussing this approach with our colleagues from development banks of the SCO countries,” he said.

VEB.RF said in a statement that it issued a 2 billion ruble guarantee to Gazprombank, a 750 million ruble guarantee to Russian Agricultural Bank, a 500 million ruble guarantee to AK BARS Bank, and a 150 million ruble guarantee to Sovcombank. Previously, the corporation issued guarantees to Sberbank, VTB Bank, Promsvyazbank, Otkritie Financial Corporation Bank, Alfa-Bank, and SME Bank.

(77.0416 rubles – U.S. $1)

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