Russia has adopted concessional lending program to backbone IT organizations

The Russian Government has approved the rules for preferential lending to backbone information technology organizations. The new support program is part of a set of measures to ensure the stability of the economy amid external sanctions.

Systemically important organizations in the information technology industry will be able to obtain loans for replenishment of working capital at a preferential rate of 11% per annum. For an individual company, the available borrowing limit is 10 billion rubles, for a group of companies - 30 billion rubles. Loan term - 12 months.

3 billion rubles have already been allocated from the Government's reserve fund to subsidize the interest rate on preferential loans for backbone organizations in the IT industry. The program will run until the end of 2022. According to the Ministry of Digital Development, the volume of loans issued may reach at least 54.5 billion rubles.

The adopted decision will help support the financial and economic condition of companies developing domestic IT solutions. Earlier, the Government launched special preferential loan programs, including for backbone organizations in the field of agriculture, the fuel and energy complex, trade, the pharmaceutical and medical industries.