A broad spectrum of support mechanisms expanded and revived to finance import substitution — RF Prime Minister
Capital of the Industrial Development Fund was increased to RUB 167 billion in 2022
Creating and implementing our own technologies and solutions is among the top priorities of the Russian Government. It is important to minimise the dependence on imported equipment, parts and components, and software, Prime Minister Mikhail Mishustin said during the Government’s annual report to the State Duma. The transcript is published on the official website of RF Government.
“To finance this work, we expanded and revived a broad spectrum of support mechanisms. The Industrial Development Fund has a central role in this regard. It offers preferential financing terms for projects to develop high-technology products, create new manufacturing sites, equipment leasing, machine building, and digital transformation,” said the Prime Minister.
He reminded that that an additional 120 billion roubles were injected into its capital in 2022, bringing its total assets to 167 billion. “This enabled the fund to grant a record-high number of loans. Machine engineering companies, as well as enterprises from the chemical, healthcare and pharmaceutical industries were the top users of these funds,” said Mikhail Mishustin.
RF Minister of Industry and Trade earlier said the Industrial Development Fund provided RUB 140 billion as loans for implementation of over 250 projects.
