The government announced the launch of industrial mortgage
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The Russian government is launching industrial mortgages. This statement was made by Russian Prime Minister Mikhail Mishustin during an operational meeting with deputy prime ministers. Meeting transcript published on the cabinet website.
“On behalf of the President, the Government is launching a new tool to support industrial enterprises – this is an industrial mortgage. The corresponding resolution has been prepared,” Mishustin said.
The Prime Minister specified that Russian companies would be able to obtain long-term soft loans for the purchase of industrial real estate. According to Mishustin, this initiative is designed to help enterprises optimize costs for such a costly part of the estimate as the purchase of new premises.
Deputy Prime Minister of Russia, Minister of Industry and Trade Denis Manturov explained that the loan will be issued to industrial organizations at a preferential rate of 5% per annum for up to seven years. The upper limit of the loan will be 500 million rubles.
“At the same time, for innovative technology companies, the rate will be even lower – 3%. Their register, according to the developed, absolutely transparent criteria, is formed by the Ministry of Economic Development,” Manturov added.
Earlier, the launch of the mechanism was announced by Russian President Vladimir Putin at the St. Petersburg International Economic Forum. In July, at the Innoprom-2022 exhibition, Mishustin announced that the government intends to launch an industrial mortgage so that businesses can buy ready-made production sites. The Prime Minister instructed the Ministry of Industry and Trade, the Ministry of Finance and the Ministry of Economic Development to work on the initiative.
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