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Industrial Development Fund will get additional capitalization of 300 bln rubles — Putin

The head of state stressed that companies implementing projects can already use special support measures, and the state will expand these business opportunities

MOSCOW, April 25. /TASS/. The Industrial Development Fund will be additionally capitalized by 300 billion rubles ($3.2 bln), which will almost double its capital, Russian President Vladimir Putin said speaking at the congress of the Russian Union of Industrialists and Entrepreneurs.

"We will direct additional resources to the development of industrial mortgages, we will additionally capitalize such a significant and in-demand mechanism as the Industrial Development Fund. Its capital will almost double - by 300 billion rubles," the President said.

"I know that some of you in this room believe that this is not enough, but we will see how the situation develops," Putin added, addressing the congress participants.

The head of state stressed that companies implementing projects can already use special support measures, and the state will expand these business opportunities.

"In the next six years, we need to radically, by tens of percent, increase the volume of industrial production. Moreover, new enterprises, including high-tech ones, in critical areas should emerge literally everywhere," the Russian President concluded.

About Industrial Development Fund

The Industrial Development Fund was created in 2014 on the initiative of the Industry and Trade Ministry to modernize Russian industry, organize new production facilities and ensure import substitution. The fund's programs allow Russian enterprises to gain access to preferential debt financing necessary to launch the production of unique domestic products, as well as counterparts of advanced international developments.

The highest management body of the fund, which makes strategic decisions about its activities, is the supervisory board, which is headed by Deputy Prime Minister and Industry and Trade Minister Denis Manturov. The VEB.RF state corporation supervises the Industrial Development Fund in terms of coordinating its work in the system of development institutions of the Russian Federation.

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