foir print

04.07.2001

European Davos: Queue up for Russia

    Center-Invest Bank is the regular member of the World's Eco-nomic Forum arrangements. From the 1st to the 3rd of July Vice President of Center-Invest Bank, professor V. Vysokov, attended the European Summit of the Forum in Salzburg and shared his im-pressions directly from Austria:

    "Last years the discussions on Russian problems gathered not more than half of the auditorium, but this time you had to take place in a queue "for Russia" beforehand. The reason for such splash of popularity was revealed by Prime Minister M. Kasjanov:

    "...

    • at present time the trend for contraction of production is overcome;
    • Land, Tax and Pension Reforms have started along with de-regulation and elimination of administrative barriers;
    • liberalization of currency regulation is in process;
    • the debt of Russia has decreased to 60% of GDP that satis-fies the requirement for candidates to the European Unit".

    During one of the discussions "Investments in Russia" J. Le-mier, President of EBRD, replied to a question "When and How much" as "Now!" and nodded his approval after the reading of my note "Not now, but yesterday".

    Russian entrepreneurs felt confidence and proved by their per-sonal examples the possibility of successful business in Russia. The experience of Center-Invest Bank is a true example of such success in Russian economy facing severe crisis: five years of op-eration in accordance with International financial Standards, credit line from Black Sea Trade and Development Bank, Internet technologies for small business and Internet-education of 3000 pu-pils from Rostov region schools.

    These true results allowed Center-Invest Bank to succeed in solving of the following questions:

    • to coordinate with G. Soros the programs of Internet-center's development in small towns;
    • to come to an agreement with J. Lemier about the terms of ERBD's mission in Rostov region (this was suggested by the Chief Executive of Rostov region Vladimir Chiub on the An-nual Meeting of EBRD in London);
    • to submit the increase of credit line to Black Sea Trade and Development Bank's approval;
    • to discuss with German investors a question about the ar-rangement of pilot project within Hermes line (insurance of the credit risks);
    • to arrange for joint work of European Business-Club and the Club of Center-Invest directors.

    Live interest arose among European businessman about the five year operation's experience of Center-Invest Bank in accordance with IAS. M. Kasjanov noted in his speech that "There should re-main 60, maximum 100, banks able to operate in accordance with IAS in Russia". And at last the antiglobalist's campaign stressed the actuality of Rostov decision - Internet technologies for small business".