The REC plans to launch a program of subsidizing interest rates to commercial banks on export credit – the corresponding decree was signed by the government program can make in July, is now preparing an agreement with the Economics Ministry, reported in the center.

"This will allow you to Finance exports at more favorable rates directly from the budget, and to motivate banks to Finance exports. Other things being equal, the financing of the same company to support exports and not to export support, in the first case, they get more favorable financing", — said the managing Director of client business development and underwriting RECs Nikita Gusakov.

The amount of subsidies from the budget will amount to 3.3 billion rubles. the Program applies to loans that are issued to buyers of Russian products. "The actual payment will occur after the fact of payment of percent: that is, when the Bank received the interest, he gives us supporting documents, we have him transfer funds, so in fact the actual expenditure this year will be significantly less," — expects Nikita Gusakov.

The program will be able to participate banks with capital of more than 25 billion rubles (about 30 banks), the subsidy will reduce the rate to 3% in currency and 4% in rubles, the maximum loan term will be three years.

Now a program of the refinancing loan rates of commercial banks to the Central Bank at a rate of 6.5% (the Bank can issue the credit and in the currency and in rubles, but refinancing is carried out in rubles). However, the head coach says: "Our rates remain quite high in the domestic market: if we compete with European banks or Chinese banks that give financing in dollars and euros, while we are losing in terms of – the same Chinese give a 2.5-3% long-term loans, while our banks without additional support can give credit only at 5-6%".

In the REC expects that the lending program will be in demand primarily for export to developing countries. "European companies our funding is not necessary, but if we are talking about developing countries – Egypt, or Vietnam, there is financing demand", — says Nikita Gusakov.

We will remind, under the new strategy, the REC until 2019, approved by the government in may, the total amount of exports with the support of REC in 2019 should be $84.7 billion, of which $37,7 billion In 2017, the figures are $20.3 billion and $8.3 billion respectively. Last year the group supported the export of $8.9 billion.

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