The government subsidizes loans to machine builders in case of successful import substitution

Moscow. 4th of July. INTERFAX.RU – The government announced that it is launching a new measure to support Russian manufacturers of components for cars and agricultural machinery. Prime Minister Mikhail Mishustin signed a corresponding decree.

We are talking about subsidizing loans that investors receive from the Industrial Development Fund for the development and creation of components and assemblies for cars and agricultural machinery. If projects to replace imported parts are successfully implemented, the state will fully reimburse investors for the amount of the loan taken starting from 2024. Thus, they will pay the fund only the rate on the loan in the amount of 1% per annum, the report says.

Subsidies are provided within the framework of the state program „Industrial Development and Increasing its Competitiveness”.

The recipients will be selected by the Ministry of Industry and Trade on a competitive basis.

Michael Cooper

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