Bashkiria's Government Backs Good Investment Projects

Bashkiria's government has adopted a regulation to hold an investment project competition. The best projects will receive loans from the republic's budget. This is the first time that such a large-scale investment program has been undertaken in the republic. The Bashkirian president's press service said that the competition to receive the budgetary loans would be market-tough. The loans which will be issued after the competition will be provided without any easy terms, will be based on market interest rates, and require guarantees. The republic's investment and credit bank Bashkreditbank has been selected to become the program's agent. The competition will be held in early December 2001.