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The Federal Government has urged the European Union to invest inthe proposed Wholesale Development Bank through the unions development financing outfit, the European Development Bank.

A statement from the Finance Ministry on Sunday quoted the Minister of State for Finance, Amb. Bashir Yuguda, to have made the plea while receiving a delegation of the European Union led by the EU Ambassador to Nigeria, Michel Arrion.

Yuguda who also revealed that the bid has raised significant interest among global funding agencies explained that the World Bank had pledged $500m while other development oriented financial institutions like the AfricanDevelopment Bank have also committed some funds for the take off of the bank.

The minister explained that the aim of setting up the bank was to boost the growth of the real sector by ensuring long term financing and drastically cutting down interest rate.

The Federal Government, he added, would soon be embarking on a road-show to some specific countries to raise more capital for the bank

He said: We are developing a whole sale development bank inNigeria. The idea of the bank is to give long term financing to SMEsand increase their source of borrowing.

We did a study of the informal sector which showed that the sector constituted 45 per cent of our Gross Domestic Product.

We have a firm believe that if we are able to increase their access tofunds especially long term, that will go a long way in increasing theGDP of this country and integrating them into the formal sector of theeconomy.

The EU envoy had earlier hinted that EIB is already well establishedin Cote dIvoire and Senegal as a development financier would like to boost their activities in Nigeria by funding long term projects.

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FG urges EU to invest in proposed development bank

MOSCOW, September 12 (RIA Novosti), Alexander Mosesov On Friday, the European Union extended sanctions against Russia. A new wave of restrictions deals with access to capital markets, oil and defense spheres, dual-use goods and sensitive technologies. Some individuals also came under sanctions.

Moscow warned in advance that they consider these steps of the Union inappropriate and short-sighted. An adequate measure was promised by Russia.

Companies on the sanctions list reacted quite calmly. Some have even managed to strengthen their position on the market. Shares of "Rosneft" on Friday were rising by 0.3 percent, "Transneft" - by 0.2 percent, and "Lukoil" shares - by 0.2 percent.

The currency market reacted more nervously. The dollar exchange rate rose to 37.69 rubles in "tomorrow" trading on Friday, renewing its record.

IMPOSED AS PROMISED

On Thursday, the head of the European Council Herman Van Rompuy said the new package of EU sanctions against Russia would come into force. And the document, containing the sanctions list, was indeed published in the Official Journal of the EU on Friday morning.

The EU barred three major Russian oil companies (Rosneft, Transneft, GazpromNeft) and three major defense companies (Oboronprom, United Aircraft Corporation and Uralvagonzavod) from seeking finance on European capital markets.

The union also banned sales of dual-technology equipment to nine Russian defense companies, including the Kalashnikov Concern, Russias largest producer of automatic and sniper combat arms.

The EU also banned European companies from providing services to the Russian partners for exploration and production of the deep and Arctic oil and shale oil projects, wells drilling and geological studies in particular, European Unions official document states.

Besides, 24 individuals were included into the sanctions list. Among them were Deputy Chairman of the State Duma Vladimir Zhirinovsky, several Duma members, general director of the state corporation Rostec Sergei Chemezov, and Prime Minister of the self-proclaimed Donetsk Peoples Republic (DPR) .

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New EU Sanctions Senseless and Odd

MILAN, September 13 (RIA Novosti) The European Union and the United States are harming their own business by imposing sanctions against Russia, Russian Finance Minister Anton Siluanov said Saturday.

"The sanctions are having a negative impact on all sides. This concerns any restrictions in trade, financing, investment these are the worst decisions of the governments that go against their own business," Siluanov said.

"Of course, when we talk about economic growth, when we talk about removing all trade barriers, speak against protectionism , when we talk about the goal of increasing economic growth by 2 percent (set by the G20 in February in Sydney) - it cannot be achieved under trade, financial and other restrictions," the minister added.

On Friday, the US Treasury Department confirmed that it was expanding sanctions against Russian companies and increasing the number of sanctioned Russian entities in the financial, energy and defense sectors. Under the new restrictions, Russia's largest bank, Sberbank, was added to the list of sanctioned financial institutions.

Also on Friday, a new round of sanctions against Russia, approved by the European Union Monday, came into force. The EU restrictions prohibit three major Russian oil companies (Rosneft, Transneft, Gazprom Neft) and three major defense companies (Oboronprom, United Aircraft Corporation and Uralvagonzavod) from seeking financing on European capital markets.

Moscow warned that it could respond to new Western sanctions to protect Russia's interests.

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EU, US Harm Own Business by Imposing Sanctions Against Russia: Russian Finance Minister

MOSCOW, Oct. 6 (UPI) -- The date of the next round of trilateral gas talks between Russia, Ukraine and the European Union will be announced this week, the Kremlin said.

Trilateral negotiators are reviewing a package proposed in September meant to address Ukraine's mounting debt for gas while ensuring European consumers have adequate winter supplies.

"On Oct. 7, we will agree on the date of the next trilateral meeting," Russian Energy Minister Alexander Novak said Sunday.

Ukraine under the terms of the proposal would pay off its $3.1 billion in debt to Russian energy company Gazprom, which in turn would offer a discounted price to its Ukrainian counterpart, Naftogaz.

Gazprom would continue with a protocol calling on Ukraine to pay in advance for its natural gas.

Russia meets about 20 percent of European natural gas demand, though 80 percent of the volume sent to Europe runs through the Soviet-era transit network in Ukraine.

Ukrainian Prime Miniser Arseniy Yatsenyuk said during meetings last week with European officials his government "deeply concerned about the erosion of European energy security," but said Russia had its share of the blame.

2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

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Kremlin reviewing date for gas talks

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