Budget foundation for investment projects – Newspaper Kommersant No. 234 (7435) dated 12/16/2022

To increase investment in industry and infrastructure, additional mechanisms have been developed – in particular, at yesterday’s meeting of the Council for Strategic Development and National Projects, the launch of a cluster investment platform was announced, providing for preferential loans at 5.2% (at the current Central Bank rate) for industrial projects. It is also planned to allocate 250 billion rubles. for infrastructure budget loans – in addition to the already distributed 1 trillion rubles – and select projects already on a competitive basis. The issue of supporting fast-growing technology companies remains unresolved in terms of replenishing funding due to the loss of access to Western sources.

A new package of measures to support investment in industry and infrastructure was presented yesterday at a meeting of the Council for Strategic Development and National Projects – its content provides for both expanding existing mechanisms and launching new ones. Thus, Deputy Prime Minister and head of the Ministry of Industry and Trade Denis Manturov announced the creation of a cluster investment platform that provides for preferential loans for industrial projects of up to 100 billion rubles.

The rate will be 30% of the key plus 3% (now – 5.2%) at the stage of capital investments and the first two years after entering mass production. As the Deputy Prime Minister noted, in some cases, by decision of the government, a lower rate is also possible – “for especially complex projects where the economy does not develop on a common basis.” In 2023, the budget provides for 5 billion rubles for this mechanism.

As Prime Minister Mikhail Mishustin noted, a list of 160 new projects has already been formed that will work within the framework of the cluster platform, with capital expenditures of up to 5 trillion rubles. by 2030 (it is planned to double the volume of investments by this date). For all cluster members, in particular, a reduction in inspections is envisaged. For investors implementing projects under SPIC 1.0, tax incentives are provided – zero income tax and reduced insurance premiums to 7.6%. At the same time, targeted support measures are being introduced for low-margin projects, if they are strategic at the same time (for example, projects to create priority products of high added value) – on a competitive basis, they will be able to apply for a subsidy in the amount of 25% of the investment component of the loan (but not more than 50% revenue) within three years after entering mass production.

Yesterday, the Ministry of Industry and Trade also supported the expansion of industrial mortgages proposed earlier by the Ministry of Industry and Trade for the construction and modernization of industrial sites – we recall that now the program involves the issuance of loans in the amount of up to 500 million rubles. at a rate of up to 5% (for technology companies – up to 3%) for the purchase of finished industrial space for up to seven years (see Kommersant of November 14). According to Denis Manturov, banks are already starting to issue tranches for such loans – 500 borrowers with a potential portfolio of 70 billion rubles have now been selected.

The incentives for the construction of infrastructure will also expand – as President Vladimir Putin said, it is planned to allocate another 250 billion rubles. for the issuance of infrastructure budget loans (IBK; of this amount, 100 billion rubles are intended for the Far East). Recall that we are talking about loans for a period of 15 years at a rate of up to 3% per annum – already in August it was announced that the distribution of 1 trillion rubles was completed. CIB for the construction in 2022–2025 of 960 facilities in 83 regions. The allocation of funds announced yesterday still looks like a compromise of the government’s building block, which insisted on expanding the program until 2030 by at least 250 billion rubles. per year (applications from the regions have already doubled the limits) with the financial department, which was afraid of an increase in the credit burden on the regions (see Kommersant of August 4). At the same time, it is planned to change the very approach to the distribution of loans – on the basis of an open competition, and not based on the population in the regions.

In the issue of achieving Russia’s “technological sovereignty”, which the authorities insist on, one of the key forks remains the development of fast-growing high-tech companies (DBK). International economists have long pointed to the need for the development of a high-tech sector – for example, during the coronavirus crisis, hopes were pinned on DBK to restore and develop the economy. Russian economists also note the contribution of such companies to GDP growth, since they have the greatest export potential and are distinguished by stable growth rates. However, so far, innovative DBKs in Russia are few in number, including due to the lack of comprehensive state support (see Kommersant of November 8). Companies in the sector traditionally rely on their own resources and attract private capital, but due to sanctions they have lost access to “Western sources of financing, including trade and project financing,” the president admitted yesterday. As a result, the state will have to make up for the missing funding: the government and the Bank of Russia have been tasked with providing DBK with access to capital markets as soon as possible. The Ministry of Finance promised to amend the legislation in the first quarter of 2023. At the same time, they noted that more than 50 billion rubles were provided for this year. for co-financing of high-tech projects, in subsequent years – a little more than 30 billion rubles.

Evgenia Kryuchkova, Diana Galieva