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ST.-PETERSBURG HAS DEVELOPED THE LAW ON INVESTMENTS.

				
				
				
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ST.-PETERSBURG HAS DEVELOPED THE LAW ON INVESTMENTS. St.-Petersburg, on November, 20th. A/PRIME-TASS/. The main things Problems of the investment concept of St.-Petersburg become Decrease in investment risks and increase in the tax Receipts, the head of department of preparation has declared investproektov KUGI Cyril Androsov on Wednesday at a meeting Heads KUGI with members St.-Petersburg Associations of joint ventures where have been presented The basic directions of the project of the city law about Investments. As he said, this document is supposed to be accepted On Legislative Assembly of St.-Petersburg not later The beginnings of February of the next year. Except the law, legal base Strategy of investment development of a city will be It is supported by a number of orders of the governor. Primary factors of investment risks in a city, K.Androsov has told, are "opacity" Potential objects of capital investments, state Bureaucracy and kriminogennaja conditions. The law will be It urged to protect investors from influence of these Circumstances. The basic indicator of efficiency Projects, he has noted, for the government of St.-Petersburg There will be "a gain of tax revenues". If the investor, Considers K.Androsov, promotes napolnjaemosti the budget, It means solves social problems, and therefore has the right - Support of the city authorities. The Vice-governor of St.-Petersburg, chairman KUGI Herman Gref has declared at a meeting, that the city is intended partially To compensate expenses of investors in obviously Unprofitable projects. Will receive besides, The grants of the enterprise which are engaged socially significant Activity - for example, creation of new workplaces, Development of education, public health services or a network of the cheap Hotels. "According to our concept, - has noted G.Gref, - a city will annually reconsider lists Priority investment directions. These Investments will be stimulated with administration. " The city guarantee fund, has told the vice-governor, Will make in 1998 900 mlrd rub, thus Sankt - Petersburg will guarantee no more than 20-30 percents from Project costs. According to G.Gref, guarantees will be To be given under conditions high social The importance and "good prospects of a recoupment". KUGI Suggests to create in structure of the city government Uniform investment committee which will be engaged Studying of projects and removal of decisions on guarantees and To city guarantees. Has besides, told vitse - The governor, in a city the system of certification will be created and Licensings of establishments and experts in examination and To estimation of investment projects, and as the deprivation mechanism Corresponding certificates and licences. G.Gref as has informed participants of a meeting, that the Law About investments in St.-Petersburg will stimulate Only straight lines, instead of portfelnye investments. "The following Our step, - he has told, - there is a concept working out Developments of the city share market which will be One of the nearest sessions of the government is devoted Sankt - Petersburg ". - 0 - dk/oa //* an information Source: the Prime-TASS, 20.11.97 //* Reg. Nom. - 6071100173.24-------------------------------------------


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