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Russian government allocates millions to support carmakers and light industry

April 02, 15:01 UTC+3 MOSCOW

The government also intends to stimulate car sales

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© Anton Novoderezhkin/TASS

MOSCOW, April 2. /TASS/. The Russian government allocated 12.2 bln rubles ($212.63 mln) from its reserve fund to support enterprises carmaking and light industries. The corresponding order of March 30 was published on the official website of the government of the Russian Federation.

In particular, according to the document, 4 bln rubles ($69.71 mln) were allocated for compensation of losses in the income of Russian leasing companies after providing lessees with discounts on advance payments under leasing contracts for wheeled vehicles, concluded in 2018. This, according to the government, would allow to sell this year at least 15,000 units of equipment.

To stimulate car sales, 3 bln rubles ($52.29 mln) will be allocated to banks to reimburse declining revenues on preferential loans issued in 2018. It is expected that this will allow to sell least 35,500 cars this year. 

The government is also going to allocate 500 mln rubles ($8.7 mln) in subsidies to Far Eastern carmakers to transport their products to other regions of the country, which will ensure the transportation of at least 5,000 cars in 2018. To stimulate the sales of equipment using natural gas as a motor fuel, 2.5 bln rubles ($43.57 mln) will be used, another 700 mln rubles ($12.2 mln) will be allocated to finance leasing organizations’ costs for providing light industry with equipment on the basis of financial leasing.

"The goal of the adopted decisions is to additionally load production capacities of the enterprises of the carmaking and light industry, as well as related industries," according to the government.

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