Russia to set up a Development bank to boost exports: Gref

Russia plans to set up a Development Bank with an initial capital of more than $US2 bln, according to the country's Economic Development and Trade Minister German Gref.

The bank will be the main financial instrument behind government plans to boost exports. It will also provide loans to support businesses outside the commodity sector.

The bank will be formed on the structure of Vnesheconombank, the Russian Development Bank and Roseximbank.

“The aggregate capital of the Development Bank – which will be established through transforming these three banks – is estimated at more than $US2 bln. The future capitalisation of the bank will be set after it's been set up, and passed into law,” Mr Gref said.