Import Substitution Support Fund Will Receive 33 Billion Rubles By 2017

18 декабря 2014, 09:00

On December 16, State Duma approved the law on industrial policy in two readings. The law was complemented with an article on the creation of industry development fund.

According to the decree of the Cabinet of Ministers, the fund will receive 20 billion rubles from anti-crisis fund in 2014. Over 13 billion rubles will be invested into the fund before 2017. According to Gleb Nikitin, Deputy Minister of Industry, the fund will provide loans at 5% per annum for import substitution projects at pre-investment stages – meaning stages of prototype creation, preparation of project documentation and other types of work. The first loans will be issued in the first quarter of 2015.

Supervisory Board of the fund will choose projects according to a set of criteria. Funding will last for 5-7 years. Pre-investment stages will be further supported with capital investments from private investors or banks.