Access to soft loans increased for investors in Arctic

Access to soft loans increased for investors in Arctic

July 19, 2022

The requirements for the total investment and the minimum jobs’ number were excluded from the conditions.

#ARCTIC. #SIBERIA. THIS IS TAIMYR. Entrepreneurs implementing investment projects in the Far East and the Russian Arctic zone will be easier to obtain concessional financing. The corresponding resolution was signed by Prime Minister Mikhail Mishustin.

“We are talking about the exclusion of requirements for the total investment and the minimum jobs’ number created during the project implementation. Previously, the company had to invest at least a billion rubles in its project and create at least 250 jobs in order to receive a soft loan. The decision will reduce the risk of investment projects ‘disruption due to sanctions restrictions”, says the message on the Russian government’s website.

The rate on such loans depends on the key rate of the Bank of Russia (Central Bank). The current subsidizing mechanism in the current conditions will reduce rates for entrepreneurs by 6.75 percent. Thus, the preferential rate for them will start from two percent per annum.

Preferential loans are issued for the infrastructure and production facilities in various industries’ creation. The priority is industry, transport, energy and support for other projects launched in advanced development areas.

Earlier, we told that five investors in the Arctic will receive subsidies of 1.4 billion rubles.

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Text: Ekaterina Maksimova, Photo: Marina Peshkova

July 19, 2022

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