ANNOUNCEMENT 27 May 2015In May 2015, the government of the Russian Federation announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
In May 2015, the Russian government launched a further industrial policy vehicle.
On 27 May 2015 at a meeting of the Agency for Strategic Initiatives' Supervisory Board, chaired by the Russian President Mr Vladimir Putin was approved the state support mechanism 'Investment Lift'. Its purpose is:
The state support mechanism "Investment lift" is to be developed in line with the agreement signed by:
The overall budget of the new state support mechanism is not disclosed. However, in article 3.9 of the agreement is stipulated that the Russian Direct Investment Fund can allocate up to 15 billion Russian Roubles (approximately 289 million USD as per the exchange rate for 27 May 2015) for pilot projects of selected corporate beneficiaries.
The agreement does not provide information which sectors are to be given a priority under the new state support mechanism. Therefore, the affected sectors have been identified on the basis of information of the Chamber of Commerce and Industry of the Russian Federation. According to its estimates, small and medium enterprises operate in the following main sectors: retail trade (46 %), immovable property transactions (19 %), construction (10 %), processing industry (7 %), and transportation (5 %).