Putin instructed the Cabinet of Ministers to consider expanding the conditions of industrial mortgage
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Russian President Vladimir Putin instructed the Cabinet of Ministers to consider expanding the industrial mortgage program. This follows from the list of instructions following the meeting with the heads of manufacturing enterprises, which published on the Kremlin website.
When considering the expansion of the industrial mortgage program, it is necessary to provide for “an increase in the maximum loan term to ten years and the maximum loan amount to 1.5 billion rubles,” the order says.
The report to the Prime Minister of Russia Mikhail Mishustin must be submitted by November 15, 2023.
April 11 government expanded conditions for granting industrial mortgages. It became possible to issue it for the construction, modernization and reconstruction of production facilities. The corresponding decree was signed by Mishustin. The changes were prepared by the Ministry of Industry and Trade on behalf of the president.
The expanded Industrial Mortgage should help provide Russian industrial enterprises with modern production facilities necessary for the accelerated launch and implementation of industrial projects. Taking into account the offers of banks and industrial enterprises, borrowers have the opportunity to receive preferential loans for several specified purposes within a certain limit – 500 million rubles. Promipoteka also extends to the acquisition of construction in progress.
The industrial mortgage mechanism was launched at the end of 2022. Its implementation “makes it possible to provide enterprises with loans at a rate of no more than 5% per annum to create new or expand existing industries,” said Deputy Prime Minister, Minister of Industry and Trade Denis Manturov.
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