RUSNANO invites banks to cooperate

RUSNANO CEO Anatoly Chubais signed an order regulating the procedure for forming a list of banks to work with project companies as part of the implementation of investment projects, where RUSNANO will act as one of the co-investors. This document is part of a mechanism that will allow both the Corporation and the co-investors participating in the projects to monitor the efficiency of spending investment funds.

In accordance with the approved procedure, the key criteria for selecting banks are the availability of a license from the Central Bank of the Russian Federation to conduct banking activities in the country, the availability of a credit rating at least "BB-" (Fitch-Ratings, Standard & Poor's) or "Ba3" (Moody's Investors Service), or similar ratings of the NRA, Rusreyting or Expert RA. The specified credit rating level must be confirmed within the last two completed quarters prior to the selection date.

Another essential condition for the selection of banks is the share of loans issued to individuals, which should not exceed 50% of the total loan portfolio.

Banks that meet these criteria will be able to provide project companies with cash and settlement services using accounts with a special mode of use. This mechanism provides that the credit institution will monitor the compliance of payments to the project company with the budget agreed by investors. Thus, the procedure for monitoring the targeted spending of funds provided by RUSNANO and co-investors participating in projects will be provided.

It is planned that the List will be updated every 6 months, starting from August 1, 2009.

The text of the invitation to cooperation of credit institutions can be found here.

Portal "Eternal youth" www.vechnayamolodost.ru according to the materials of the RUSNANO press service

26.03.2009