The industry development Fund will allocate 1 billion for development projects in the regions

Industrial Development Fund

Industrial Development Fund continues to support the creation and modernization of import-substituting industries in Russia. At this time, soft loans under the program “Development Projects” will be highlighted to 5 companies in different regions of the country. Companies will receive 1 billion rubles at 5% APR for up to 60 months. The total cost of the selected projects is 5.4 billion rubles.

The funds should allow engineering concern ORMETO-YUMZ (Orsk) to organize production of rolls with high operational stability to the metallurgical enterprises and company TOKEM (Kemerovo) – to resume production of nuclear grade resins for ships and nuclear power plants. Also, money will be received by the company ELSIB (Novosibirsk) on which it will make generators for thermal power plants, the company Pruzhina (Izhevsk), which organizes the production of automotive springs of various geometric shapes and Bashkir Soda Company in Sterlitamak.

In less than 2 years Industrial Development Fund has allocated 24.9 billion rubles for 83 projects in 38 regions of Russia. This created 9’100 new jobs and attract 73.7 billion rubles in the economy.

SourcesRussian ministry of Industry and Trade.