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 25.02.2010
Government Commission on SME Development has Supported the Updated Version of the Draft Law «About Microfinance Performance and Microfinance Organizations»
On 24 February 2010 the Government Commission on SME Development under auspices of the First Deputy Prime Minister of the Russian Federation Igor Shuvalov held a meeting. One of the issues on the agenda was the discussion of the updated draft law «About microfinance performance and microfinance organizations». The Deputy Minister of Finance of the Russian Federation Alexei Savatyugin spoke on this matter. He, in particular, noted that the draft law was updated with the account of the comments made by the Legal Department of the Russian Federation Government Office and once more approved with the Ministry for Economic Development of the Russian Federation, State Political Directorate, the Council of Federation of the Federal Assembly of the Russian Federation, and other government agencies. The Commission supported the draft law of the offered version, it noted among other things the major anti-crisis role of microfinance at struggle with the unemployment through the stimulation of the private enterprise initiative.
Mikhail Mamuta, President of the National Association of Microfinance Market Stakeholders (NAMMS) who participated in the Commission's meeting, believes that the enactment of the draft law in the version presented today, will positively influence the microfinance market development in Russia, since it will encourage the inflow to the private investments sector, will allow to improve the system of the state support to microfinance, thereat having provided the best protection of rights and interests of the entrepreneurs – borrowers. Market stimulation will allow increasing the supplied quantity of microfinance services by 2012 as a minimum up to 4,5 billion USD as against 1 billion USD at the moment.
It was also noted that microfinance is still remaining one of the priorities of the small business support on the part of the Ministry for Economic Development of the Russian Federation till 2012. It is planned that the amount of finance of the state support allocated to this business line will be substantially increased already by 2010.
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