MIL-OSI Russia: Capital companies received over six billion rubles from the city in nine years

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MIL OSI Translation. Region: Russian Federation –

October 7, 2021, 07:04

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Photo by E. Samarin. Mos.ru

Moscow provides industrialists with subsidies and concessional loans at interest rates below the bank.

Since 2012, the Moscow Government has provided financial support to enterprises in the capital for a total amount of over 6.3 billion rubles. These funds were intended for the development of production facilities, the purchase of new equipment, compensation for part of payments under lease agreements, the cost of technological connection to engineering networks and the development of exports. This was announced by the Deputy Mayor of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov.

“Today in Moscow there are about three thousand industrial enterprises, which annually modernize their production. The city, in turn, supports the development and digitalization of the industrial sector. So, since 2012, financial support in the form of subsidies and loans totaling over 6.3 billion rubles has been provided to more than 100 enterprises, he said.

The city has been providing subsidies to industrialists since 2012. During this time, the total amount of payments on approved applications exceeded 3.3 billion rubles. The most popular type of subsidy is reimbursement of part of the leasing costs; applications for it have been approved for a total of 1.9 billion rubles.

In addition, all industrial enterprises of the capital, including organizations with the status of an industrial complex, a technopark and an industrial park, can compensate for funds aimed at paying interest on loans for the purchase of equipment and for technological connection to engineering networks. For all the time, about 1.4 billion rubles were allocated for such assistance.

All these subsidies are provided within the framework of the state program “Economic Development and Investment Attractiveness of the City of Moscow”, approved in 2011.

Also, since 2017, industrial enterprises have been provided with another type of financial support – preferential loans, said the head of the capital Department of Investment and Industrial Policy Alexander Prokhorov…

“You can get money at a rate significantly lower than the bank rate – from one to four percent. For all the time, soft loans have been issued to enterprises for a total amount of about three billion rubles. The average loan amount is about one hundred million rubles. Moreover, every fourth borrower returns for a second loan, ”he said.

According to Alexander Prokhorov, financial support is provided on the basis of mutual co-financing of projects. Thus, the total budget of all implemented projects will amount to more than 4.8 billion rubles.

Moscow Foundation for the Support of Industry and Entrepreneurshipoffers various types of loans. Their receipt depends on the needs and scope of the enterprise that applied for support. For example, a special concessional loan “Export” has been created for exporting companies focused on launching or developing their foreign trade activities. It allows you to receive up to 200 million rubles for solving export problems for a period of up to five years at a rate of two to four percent per annum.

You can learn more about the conditions for receiving financial assistance and apply at website.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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