PRESIDENTIAL DECREE OF THE RUSSIAN FEDERATION

of September 17, 1994 No. 1928

About private investments in the Russian Federation

For the purpose of development of initiative of private investors and more effective use of private investments in the Russian Federation in the conditions of market economy I decide:

1. To the government of the Russian Federation to provide annual allocation of capital investments in the amount of 0,5 of percent of gross domestic product on financing of the highly effective investment projects prepared with participation of commercial structures on condition of placement of these means on the competitive beginnings.

2. Determine that in tender the commercial highly effective investment projects connected first of all with development of "growth points" of economy according to which the investor makes at least 20 percent of own investments (share capital, profit, depreciation) necessary for project implementation have the participation right to receipt of the state support.

The payback period of the specified projects calculated on the basis of the methodical provisions approved in 1994 by the Ministry of Economics of the Russian Federation, the Ministry of Finance of the Russian Federation, the State committee of the Russian Federation on industrial policy and the Ministry of construction of the Russian Federation shall not exceed two years, as a rule.

The state support of implementation of the commercial highly effective investment projects which underwent competitive selection can be performed at the expense of the funds of the federal budget allocated on returnable basis or on the terms of fixing in state-owned property of part of shares created joint-stock companies, or by provision of the state guarantees on compensation of part of the financial resources enclosed by the investor in case of failure of accomplishment of the investment project not because of the investor. The state guarantees are provided within the means provided on these purposes in the federal budget for the next year.

Provision of the state support of implementation of the projects which underwent competitive selection is performed according to the procedure, established by the Government of the Russian Federation.

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