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At the same time, with apotentially high demand for credit resources, the low production efficiency inlight industry is an obstacle to attracting investments.

A high level of risk, lack of transparencyof the recipients’financial activity and mechanisms of collateral security, as well as inadequatelegal protection of such kind of transactions are stalling crediting ofinvestment projects in the real sector of the economy. Enterprises prefer toraise external investment resources in the form of mutual crediting. This typeof investment financing ensures about 11 percent of all investment spending inthe economy.

Table 25

The structure of investments in fixedcapital by sources of financing,
in percent of thetotal

1997

1998

1999

2000

2001*)

Investments in fixed capital– total:

100

100

100

100

100

According to thesources of financing::






Ownfunds

60,8

53,2

52,4

46,1

48,7

Amongthem:






Profit(accumulation fund)

13,2

13,2

15,9

23,4

24,9

Borrowedfunds

39,2

46,8

47,6

53,9

51,3

Among them:






Budgetary funds

20,7

19,1

17

21,2

20,0

including:






Federalbudget

10,2

6,5

6,4

5,8

5,6

Budgets of RF subjects

10,5

12,6

10,6

14,4

13,0

*)Preliminary data

Source: Goscomstat

The role of bank loans in financing theRussian economy is very insignificant. Under high risks, the credit and bankingservices sector exercise restraint toward investment projects in the realsector of the economy. It has been pointed out in literature on many occasionsthat one of the causes of the banks’ aloof policy is related to thespecifics of the formation of the credit institutions system, specifically, tothe absence of investment banks proper. Operations in the short-term marketplay a dominant role in the activities of credit institutions with the share oflong-term credit investments amounting to less than 5.0 percent. With a gradualdeceleration of inflation in 2000-2001, the commercial bank loans gotsignificantly cheaper, however, even in this case no noticeable demand for bankloans from the real sector is observed. In the structure of the sources offinancing investments in fixed capital, the share of bank loans amounted to 3.1percent in 2001 against 4.2 percent in 1999 and 4.5 percent in 1997. Continuedhigh risks determine a trend toward a declining share of foreign investments infixed capital in the total volume of investments in the Russian economy: from6.6 percent in 1999 to 4.3 percent in 2001.

With the dominant role of own funds ofenterprises and entities in the structure of financing sources preserved, itseems premature to define the existing situation as an investment boom.

Firstly, in a sustainable growth of grossnational savings due to the favorable external economic conditions, themechanism of transforming these savings into investments in the real sectorpractically are not functioning. A comparison of the tendencies in savings,gross accumulation in fixed capital and investments in the real sector of theeconomy reveals that net savings retain a negative trend. Reproduction of fixedcapital continues to be financed mainly for the account of amortization funds.It should be emphasized, insofar, that utilization of these funds alone forinvestment purposes ensures a simple reproduction at best, since ananticipatory growth of prices for investment goods and construction works actsas a factor limiting reproduction of the production apparatus.

Secondly, underdevelopment of investmentfinancial institutions, the capital market and the instability of the legalenvironment render the process of raising borrowed funds and bank credits morecomplicated. In fact, a mechanism of inter-sector capital flows had not beenformed in the economy, which makes investment activity at the level ofenterprises, sectors and regions more complicated. In the conditions ofeconomic growth it has become evident that investment management is notcoordinated with the dynamic processes of Russia’s economyrestructuring.

And thirdly, experience shows that withsavings reserves created, adoption of investment decisions requires a lot morecaution and rationalization of investment fund flows. A lack of long-termdevelopment policy and activity prioritization acts as a factor reducingincentives for long-term investments.

Foreigninvestments

2001 was characterized by a more dynamic,than in the preceding period, process of attracting foreign investments. As aresult of 9 months of 2001, foreign investments in the Russian economy areestimated at $9,721 million, which is 23.2 percent higher than a similarindicator in 2000. Upgrading of Russia’s sovereign credit ratingpositively impacted on the investment climate. As of end-September 2001, theaccumulated foreign capital in the non-financial sector of the Russian economywithout taking into account the agencies for monetary and credit regulation,commercial and savings banks, including ruble-denominated investmentstranslated into US dollars, amounted to $34.4 billion.

Table 26

The structure of foreign investments in theRussian economy

Total, USD mln

Direct

Portfolio

Other

USD mln

In percent of the total

USD mln


USD mln

In percent of the total

1997

12 295

5 333

43,38

681

5,54

6 281

51,09

1998

11773

3361

28,55

191

1,62

8221

69,83

1999

9560

4260

44,56

31

0,32

5269

55,12

2000

10958

4429

40,4

145

1,3

6384

58,3

2001
(9 month)

9 721

2 920

30

292

3

6 509

67

Source: Goscomstat.

In the structure of foreign investmentsmade in the Russian economy in January-September 2001, the highest growth wasobserved in portfolio investments which went up 5-fold against the same periodof the preceding year. A similar indicator for other investments is estimatedat 39.2 percent. The direct investment volume declined by 7.4 percent inJanuary-September 2001 against January-September of 2000.

Despite an overall trend of growinginvestments in the Russian economy, a sum total of foreign investments annuallymade in the country has been below the pre-crisis level over the last fewyears.

With portfolio investments significantlyrising, most foreign investments in the Russian economy are other types ofinvestments (67 percent) formed mainly for the account of trade credits,credits extended by foreign governments against the guarantees of the RFGovernment, as well as the loans secured from international financialinstitutions – theWorld Bank, the IMF, the European Bank for Reconstruction and Development.

The World Bank’s total investments in theRussian economy amount to $20.5 bln. The Bank’s investments in thecountry’s economyrose in 2001 by 5 percent compared with the preceding year. In 2002-2005 theBank intends to take step in support of the Government program for improvingthe demographic situation in Russia, the projects in the health care area,projects for enhancing competitiveness of Russia’s economy (development offinancial institutions, infrastructure, copyright protection, personneltraining) as well as environmental programs. The World Bank currently makesinvestments in Russia in the projects related to the fuel and energy complex,agriculture and environmental protection.

Figure 28

The World Bank’s total investments in theRussian economy amount to $20.5 bln. The Bank’s investments in thecountry’s economyrose in 2001 by 5 percent compared with the preceding year. In 2002-2005 theBank intends to take step in support of the Government program for improvingthe demographic situation in Russia, the projects in the health care area,projects for enhancing competitiveness of Russia’s economy (development offinancial institutions, infrastructure, copyright protection, personneltraining) as well as environmental programs. The World Bank currently makesinvestments in Russia in the projects related to the fuel and energy complex,agriculture and environmental protection.

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