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Russian Federation: Key Issues and Policies

image of Russian Federation: Key Issues and Policies

This publication examines the major policy challenges, achievements and next steps for the creation of a more entrepreneurial population and a stronger SME sector in the Russian Federation, which are critical to the country’s economic growth and diversification. Despite less regulatory burdens and more subsidy financing for start-ups, production modernisation, innovation and exporting, framework conditions need to be improved in areas such as the rule of law, commercialising science and improving entrepreneurial skills and education. Gaps in SME and entrepreneurship programmes also need to be filled, such as through new initiatives for high-growth firms and large firm-SME linkages. Strengthening business development services infrastructure and improving access to finance are further important challenges. All these improvements will need to be spread across the regions of the Russian Federation if national objectives for growth and balanced spatial development are to be met.

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Access to finance for SMEs and entrepreneurship in the russian federation

Although recent state interventions have significantly increased the supply of external financing to SMEs and entrepreneurs, further increases in the scale and sophistication of financial markets for SMEs and entrepreneurship will be critical for the growth of SMEs and entrepreneurship in the Russian Federation. This chapter examines the nature of the SME and entrepreneurship finance gap and how policy is seeking to address it in the Russian Federation, covering bank loans, microfinance, and equity finance. It makes a number of recommendations for further improvements, including strengthening the operational arrangements of credit guarantee funds, expanding credit history information and credit bureaus, and increasing the remit of the public Vnesheconombank and SME Bank to cover new financial products and roles such as education in SME financing for investor institutions.

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