ANNOUNCEMENT 15 Jun 2021

In June 2021, the IDF approved a loan to the local textile maker. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 15 Jun 2021 | Removal date: open ended

State loan

On 15 June 2021, the Industrial Development Fund, a subsidiary of the Russian state development bank VEB.RF approved a 1.5 billion ruble (USD 21 million) loan to the First Weaving Factory (Первая ткацкая фабрика) from Nizhniy Novgorod to set up a weaving and finishing line with a full production cycle to manufacture fabrics for furniture, mattresses and curtains. 

The loans under the Priority Projects program of the IDF are issued at 1-3% annual interest rate, for up to 7 years. To compare the key rate of the Bank of Russia at the time is 5.5%. 

 

AFFECTED SECTORS