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Russia's Chukotka to reimburse loan expenses to investors

January 31, 16:43 UTC+3 ANADYR

The subsidies will be based on three-quarters of the central bank’s key rate, but will not make more than 70% of the investor’s expenses

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ANADYR, January 31. /TASS/. Chukotka’s authorities plan to begin in 2017 reimbursing to investors a part of settlement payments for their loans, press service of the regional government said on Tuesday.

"This year, we begin an absolutely new activity - right now we are working on support mechanisms, but already now the conditions are clear," the press service said referring to head of the local government’s department for finances, economy and property relations, Alena Pinyayeva. "We believe demand for the state support will come first of all from the businesses, which take loans for construction or reconstruction of industrial facilities or buildings, or for buying equipment for new or existing companies, producing goods and services."

A support will be available for businesses if the loan they had borrowed in not less than one million rubles (about $16,700), the official said.

The subsidies will be based on three-quarters of the central bank’s key rate, but will not make more than 70% of the investor’s expenses.

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