World Bank concerned about Russian small businesses

The World Bank believes it is necessary to create a system of crediting small and medium-sized businesses in Russia, Julian Schweitzer, the World Bank Country Director for Russia, declared at the conference "Business Services in Russia of the 21st Century - the Investment Russia" today. According to him, small and medium-sized businesses are the source of innovations and a necessary element in the further development of the Russian economy. However, at present large banks are not interested in financing small and medium-sized businesses, while small banks do not have enough capital to credit them, Schweitzer pointed out.

He noted that a financial sector, which would be friendly to small and medium-sized businesses, should be created in Russia. The World Bank will be working in this direction over the next two years, he stressed.

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