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Russian Industrial Development Fund to recoup 145 bln rubles invested in it in 2023

The fund provides targeted loans for the implementation of new industrial projects

MOSCOW, June 10. /TASS/. One of the main instruments of financing industrial projects, the Industrial Development Fund, will start financing projects using its own funds in 2022, whereas in 2023 it is expected to recoup the budget funds worth 145 bln rubles ($2 bln) invested in it earlier, Russian Industry and Trade Minister Denis Manturov said at a meeting with President Vladimir Putin on Thursday.

"As planned, we are about to reach the pattern suggesting a return of previously invested budget funds as 62 bln rubles have already been returned by borrowers, and we plan starting next year to fully shift to the pattern with funds transferred to us to be reinvested in those projects. According to our calculations, we are to return 145 bln rubles in 2023 through residents’ projects, through taxes, those are exactly the funds that we received in the Fund’s capital," he explained.

The Industrial Development Fund provides targeted loans worth from 5 mln to 2 bln rubles at the rate of 1% and 3% per annum for up to seven years on a competitive basis for the implementation of new industrial projects, attracting direct investments into the real sector of the economy. According to the Fund, it has already financed over 333 various production sites in 60 regions and provided more than 833 loans totally worth 187.5 bln rubles ($2.6 bln).