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Russian government to allocate $0.3 billion for import substitution in 2015

January 28, 2015, 14:57 UTC+3 MOSCOW

According to the anti-crisis plan, this measure will cover funds borrowed by companies in Russian lending institutions

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© Artyom Geodakyan/TASS

MOSCOW, January 28. /TASS/. The Russian government is intending to support domestic companies implementing import substitution projects through partial subsidizing interest rates under loans borrowed in Russian banks. This is provided in the 2015 anti-crisis plan of the government. Budget allocations are estimated at 20 billion rubles ($0.3 billion), net of defense sector companies.

According to the document, this measure will cover funds borrowed by companies in Russian lending institutions. The Ministry of Industry has developed the subsidizing mechanism in cooperation with the Economic Development and Finance Ministries.

Furthermore, development of a mechanism for compensation of expenses related to currency rate fluctuations is proposed to stabilize financial and business operations of defense sector companies. No funding scope has been indicated so far for this measure.

The Russian government was cited earlier as estimating the 2015 anti-crisis program at 1.172 trillion rubles ($18 billion). The Industry Development Fund that is to give loans to Russian companies at the annual preferential rate of 5-6% will be another tool to support the Russian industry. The Minister of Industry and Trade Denis Manturov said at the turn of 2014 that 20 billion rubles ($0.3 billion) were already transferred to the fund.

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