Ufa "Gidravlika" and Oktyabrsky "OZNA" will receive 400 million rubles of loans for import substitution projects

UFA, 9 June 2016. /Bashinform News Agency, Olga Murtazina/. The "Gidravlika" company from Ufa and "OZNA" from Oktyabrsky will receive 400 million rubles of loans for import substitution projects. It is reported by the press service of the Government of Bashkortostan. The Expert Council of the Industry Development Fund approved granting of two cheap loans (under five percent per annum) on the implementation of two more Bashkir projects. 300 million rubles will be spent on manufacture in Ufa of gas turbine engines for short- and medium-range commercial aircrafts produced in Russia. 116 million rubles will be allocated for the production of innovative bushings for slush pumps in the town of Oktyabrsky.

Earlier, the Industry Development Fund signed a loan agreement with the R&D "Stankostroenie", which plans to start production in Sterlitamak of modern buildings for NC machines. The loan amount is 235.3 million rubles.

The Beloretsk Metallurgical Plant project is also approved, which plans to expand production of strand-laid rope, including with polymeric coating. The loan amount is 255.3 million rubles.

The Industry Development Fund was created in late 2014 for modernization of the Russian industry, establishment of new industries and import substitution. Since 2015 the Fund has provided concessional co-financing of 62 projects worth 20.8 billion rubles.