Preferential priorities – Newspaper Kommersant No. 34 (7479) dated 28.02.2023

The government has prepared a regulatory framework for launching a program of preferential loans as part of the cluster investment platform – we are talking about loans in the amount of up to 100 billion rubles. at a preferential rate of 5.2% for investment projects for the production of priority industrial products. The list of priorities will be determined by the Ministry of Industry and Trade based on the decisions of a special interdepartmental commission. They will also approve the portfolio of projects – now the applications of enterprises for receiving 1.5 trillion rubles are being processed. borrowed money. The first loans were promised to industrialists in the second quarter.

The White House is launching a program of concessional lending for investment projects for the production of priority industrial products. Prime Minister Mikhail Mishustin signed a resolution on the rules for the operation of the new mechanism, as well as an order to allocate 1 billion rubles to subsidize rates on such loans.

We are talking about the cluster investment platform announced at the end of 2022 – this mechanism includes a program of concessional financing at a rate of no more than 30% of the key plus 3 percentage points (that is, 5.2% per annum at the current Central Bank rate of 7.5%) at the stage capital investments and within two years after entering the mass production stage, as well as the reduction of inspections of companies and the provision of a number of benefits to them (see Kommersant of December 16). The list of priority products will be approved by the Ministry of Industry and Trade in accordance with the decision of a special interdepartmental commission – as Kommersant was explained in the department, industry plans for import substitution and a list of critical materials, components and raw materials will be taken as the basis.

The maximum amount of a soft loan will be 100 billion rubles. The minimum is 2 billion rubles, except for projects for the production of medicines (from 1 billion rubles) and projects with long-term (from five years) contracts for the supply of priority products in the amount of at least 10 billion rubles. (the size of the loan in this case will be from 5 billion rubles). The resolution states that the loan funds should cover no more than 80% of the project cost. Among the expenses that can be covered by credit funds: the purchase and leasing of equipment, experimental design, design and survey work, the construction or repair of industrial infrastructure, the lease or purchase of land for the creation of new industries, the purchase of consumables, raw materials and components. In case of misuse of borrowed money, creditors (banks or VEB) will have the right to change the preferential rate to the market one.

Projects to participate in the program must be selected and included in the list compiled by the interdepartmental commission. The Ministry of Industry and Trade told Kommersant that the issuance of the first loans is expected in the second quarter – now the department and the Industrial Development Fund are forming a portfolio of projects, the initiative is already worth 1.5 trillion rubles. borrowed money. As projects are selected and the need is “formed,” the ministry adds, additional amounts will be allocated to subsidize rates.

As Maria Glukhova, Executive Vice President of the Russian Union of Industrialists and Entrepreneurs, notes, “companies are interested in such a support mechanism that provides access to long-term and fairly cheap money for large-scale investment projects in the industry.” According to a member of the General Council of Delovaya Rossiya, CEO of First Investonomika Alexei Poroshin, now the cheapest working capital from banks for large clients “costs” about 10.5% – a preferential rate will allow projects to pay off faster. The program, according to his expectations, will be “in demand by the market, because many companies are actively moving into import substitution segments and finding new niches, taking into account the departure of foreign business.” Natalya Safina, Head of the Macroeconomic Analysis and Financial Markets Department of the Center for Strategic Research, notes that while the mechanism, due to the limited amount of funds for subsidizing rates, looks “rather a point solution” – its effectiveness will largely depend on the list of priority products.

Evgenia Kryuchkova