ANNOUNCEMENT 25 Oct 2014In October 2014, the government of the Russian Federation announced a change to private-sector financial support.
NUMBER OF INTERVENTIONS
With Decree of October 25, 2014 1101 the Russian Government approved state financing the purpose of which is to help the Russian automakers in their investment activities in order they to be able to attract up to 73 billion Roubles (approximately 1.78 billion USD) of credits in 2014.
The new state measure is to cover credits (except for the state-backed loans) that have been drawn by the selected beneficiaries in 2014. The purpose of the loans must be to finance automakers' investment projects. The state plans to partially cover the loan-related expenses.
The federal budget for this state initiative is at the amount of 5.306 billion Roubles in 2014 (approximately 129.60 million USD), 6.875 billion Roubles (approximately 167.92 million USD) in 2015, 5.2 billion Roubles (approximately 127.01 million USD) in 2016 and 4.744 billion Roubles (approximately 115.87 million USD) in 2017.