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Economy/Business
9 July , 15:46

Subsidized loans for defense industry enterprises have been increased to 600 million rubles

The Russian government has increased the subsidies for soft loans issued to defense industry organizations to produce civilian products.

The Russian government has increased the annual limit for subsidizing preferential loans issued to defense industrial complex enterprises to produce civilian products from 200 million to 600 million rubles. Mikhail Mishustin, the Chairman of the Government of the Russian Federation, signed the corresponding order.

The government's decision will allow additional support to defense industry organizations implementing projects in priority areas of the civil industry. We are talking, in particular, about the production of ships, helicopters, airplanes, machinery, and equipment, including for sorting solid waste, as well as locomotives, vehicles, metallurgical and chemical products.

The preferential lending program for defense industry organizations was launched in 2018 to provide such enterprises with long-term financing for production diversification. The state development corporation VEB.RF provides loans for the entire duration of the project. The minimum loan size is 500 million rubles, and the rate is 5% per annum. Enterprises planning projects with a budget of 1 billion rubles or more can count on such conditions.

As Bashinform News Agency reported, 1,150 employees of enterprises of the defense industrial complex of Bashkiria will undergo vocational training or receive additional education free of charge under the state program. The republic's quota for 2024 is 24% higher than established a year earlier. 68.5 million rubles have been allocated for these purposes.

Author: Galina Bakhshieva

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