Special working group to supervise over investment projects in North Caucasian Federal District

Makhachkala, November 25, 2015. A special working group with participation of the banking sector representatives and experts has recently been formed with a view to monitor the implementation of projects in the North Caucasian Federal District. This will help the regions to access the credits and financial aid from state budget, the Minister for Affairs of the Northern Caucasus Lev Kuznetsov said.

According to Kuznetsov, the banks are often willing to optimize credit terms only if being assured of state support for ongoing projects. Besides, the close cooperation with the authorities removes a significant part of the administrative barriers. It is also necessary to the implementation of projects at all levels to make timely and synchronized solutions.

The working group will include the representatives of Sberbank of Russia, VTB, Rosselkhozbank, ASI, "Support of Russia" and others. The group coordinator is the RF Ministry for Affairs of the Northern Caucasus. "The working group will monitor the project schedule, the progress of its implementation, to assist in the interaction with the authorities, etc." - Kuznetsov noted.

The Minister also added that the group might actively participate in a number of cases associated with the conclusion of investment agreements. In these cases, Kuznetsov underlined, the agreements will be signed by the representatives of bank, the enterprise and the subject of the Russian Federation.