Bashkiria Cabinet halved requirements for investment projects to be included in priority list

The Government of Bashkiria has adjusted measures to support priority investment projects. According to Deputy Prime Minister and Minister of Economic Development Rustam Muratov, at a meeting of the Government Presidium (held online), it is planned to simplify the procedure for including investment projects in the priority list: the investment threshold (previously at least 1 billion rubles) will be reduced to 500 million rubles.

The Ministry of Economic Development also proposed to enshrine legally the support measures that investors somehow request and receive at the “Investment Hour” meetings in the Government: providing land plots for rent without bidding, reimbursing expenses for the creation, reconstruction, modernization of capital construction projects for engineering and transport infrastructure.

Besides, the republican Industrial Development Fund will be capitalized by another 200 million rubles. These funds will be allocated in the form of loans or grants to industrial enterprises in the region. Loans are estimated at 5–25 million rubles, for a period of up to two years, at 1%, without co-financing from the applicants. The exemption from the principal debt payment will be up to 1 year.

It is planned to recapitalize the Bashkir microcredit company for 94 million rubles and the Regional Guarantee Organization for 12.2 million rubles to support small business in 2020.

Forty-three million rubles will be allocated this year to non-profit organizations supporting entrepreneurial and tourism initiatives.