THE RUSSIAN GOVERNMENT WILL ADDITIONALLY ALLOCATE ABOUT 1 BILLION RUBLES TO SUPPORT THE INDUSTRIAL MORTGAGE PROGRAM
The industrial mortgage is an effective tool to support manufacturing development. This program was launched in 2022 at the initiative of the head of state and allows obtaining a seven-year loan of up to 500 million rubles for the acquisition, construction, modernization, or reconstruction of factory workshops. For enterprises, the preferential interest rate is 5% per annum, while for technological companies it is 3%.
The Russian government has additionally allocated approximately 1 billion rubles for its financing. Thus, taking into account the funds already earmarked for these purposes in the federal budget, the total amount of subsidies for the year 2024 will amount to 2.3 billion rubles.
The decision will aid in launching new promising projects in the regions of the country, as well as in accomplishing the task of strengthening technological sovereignty set by the President.