The federal budget of Russia has undertaken regional risks of the North Caucasus

If your company is registered in the Northern Caucasus, and if you plan to invest in this region, feel free to take credit. The government would pay you for it all in any case. The government has announced the state guarantee parameters on loans. Experts' opinions differ: some of them believe that this measure will raise the region, while others see it as a "more sophisticated" corruption scheme.

Huge means are being invested in the North Caucasus. About 37 projects equal to 400 billion of rubles are implementing this year, according to the Russian Prime Minister Vladimir Putin in January 2011. Alexander Hloponin the plenipotentiary envoy has mentioned total investment sum of two trillion of rubles a year ago. Only five ski resorts bring up to 450 billion of rubles, it's more than the whole "Olympic" stuff (which are estimated in 60 billion of rubles). Any expenses in this region are justified, because this is "very sick" region in the country, according to German Gref the head of Sberbank.

So this is what the government appeals for but the business reaction is rather weak. According to the program named "South of Russia (for investors) managed to attract only 44.8% of planned profit means in 2008, 2% in 2009 and 35 % in 2010. Businessmen do not like the idea of sitting on a "powder keg" without government guarantees. Even Mr. Gref, notes that Sberbank will be ready to invest only under 100% of state guarantees for Chechnya, and 70% in other regions. Now these guarantees have come into existence. The Government has adopted a relevant resolution on May 4th. But guarantee volumes - only 50 billion of rubles, it is not 10 billion and not trillions. However, this is more than enough, experts say. After all guarantees are needed for debts reckoning for failed investors. If we assume that all who invest in the region will burn up so it's better not even to start.

11 May 2011
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