Novak spoke about the need to channel savings into investments

MOSCOW, October 2 - RIA Novosti. It is necessary to direct long-term savings into investments for further scaling of production and technology, said Deputy Prime Minister of the Russian Federation Alexander Novak, speaking at a government hour in the Federation Council.

“To further scale up production and technology, it is necessary to expand sources of capital. The task is to channel long-term savings into investments and reduce the dependence of enterprises on expensive bank loans,” he said.

This involves the development of bond and equity financing, companies going public, and expanding participation in the process of pension funds and insurance organizations, Novak continued.

He clarified that compensation for the costs of placing shares has already been launched for the technology business. The instrument complements grant and loan support.

The government has prepared and submitted to the State Duma a bill on investment partnerships - it has already been adopted in the first reading, the Deputy Prime Minister said.