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Russian budget to allocate $1.1 bln for import substitution next year

August 16, 2016, 19:16 UTC+3 MOSCOW
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MOSCOW, August 16. /TASS/. 70 bln rubles ($1.1 bln) are planned for allocation from the budget for the import substitution program in 2016, Russian Industry Minister Denis Manturov said on Tuesday in an interview with Kommersant newspaper.

"We plan to allocate 70 bln rubles ($1.1 bln) from the budget for the import substitution program, including financing from the Industry Development Fund that received 20 bln rubles ($313.1 mln) of extra capitalization," the Minister said.

The Ministry does not want at the same time to use the instrument of special investment contracts (SIC) on a wide scale, Manturov said.

"We will assume highly balanced, I would say even case-based approach [towards execution of SIC - TASS]," he added.

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