The Cabinet of Ministers has extended mortgages for the construction and modernization of factories

Prime Minister of the Russian Federation Mikhail Mishustin signed a decree on expanding the parameters of the industrial mortgage program, extending its mechanism to the construction, reconstruction and modernization of enterprises.

“Now it will be possible to get a soft loan not only for the purchase of real estate for industrial production, but also for the construction, modernization and reconstruction of such facilities,” informed government press office.

The document, which will be published later, also notes that the standard cost of 1 sq. m under the program for objects under construction, modernization and reconstruction should not exceed 90,000 rubles, and for acquired real estate – 75,000 rubles. in Moscow, Moscow region and St. Petersburg and 50,000 in other regions of the Russian Federation.

Mishustin at an operational meeting with deputy prime ministers notedthat the volume of planned investments under the program in 2023 is 1.3 billion rubles, if necessary, it will be increased.

“We hope that the program will help enterprises increase the efficiency of their spending for these purposes and will stimulate interest in launching new projects,” he said.

The promipotheca program was launched in the fall of 2022. Now, enterprises can get preferential loans at a rate of 5% to purchase real estate to start production. It is specified that for technology companies the rate will be 3% per annum. The maximum loan amount is 500 million rubles, the loan term is up to seven years.

At the end of March, Deputy Director of the Department of Regional Industrial Policy of the Ministry of Industry and Trade Leonid Danilov toldthat the first months of the program implementation showed a great demand of business for construction, reconstruction, modernization. In the new edition of the promipoteka mechanism, the condition for launching production in new areas after modernization will remain for three years, he noted.