ANNOUNCEMENT 03 Jan 2014In January 2014, the government of the Russian Federation announced a change to private-sector financial support.
NUMBER OF INTERVENTIONS
On January 3, 2014, the Government of the Russian Federation approved Resolution No. 3. The resolution establishes the rules for the allocation of state subsidies for the reimbursement of interest payments on loans to Russian organisations. The eligible loans must be contracted between 2014-2016 from a Russian financial institution. Furthermore, the external finance must be used for complex investment projects in priority areas of the civil industry.
The list with eligible investment projects will be prepared by a state commission in the future. For 2014-2015, the total budget of this scheme amounts to RUB 2 billion (ca. USD 60.26million).
The resolution purpose is to raise the competitiveness of the local economy. The effectiveness of the state support will be monitored through competitiveness-related indicators: volume of production in basis year prices (when the subsidy is disbursed) and investments made in basis year prices.