ANNOUNCED AS TEMPORARYNo
On 17 September 2014 the Russian Minister of Construction and Housing, Mr Mikhail Men, announced at a press conference related to the implementation of the state programme 'Housing for the Russian Family' that home builders will receive reduced interest rates on construction-related loans.
This programme was approved on 5 May 2014 with Government Decree Nr. 404 and only citizens of the Russian Federation are eligible. Mr Men also clarified that with the introduction of this state policy, the home builders shall pay interest rates below the market rate for such loans.
In accordance with point 6 of Decree No. 404, it is planned the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" to finance this state programme with 14 billion RUB.(ca. 391 million USD). The purpose of this particular subsidy is to finance the purchase of engineering-technical appliances.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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