The government will allocate 120 billion rubles for the projects of the “project finance factory”
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The Russian government, on behalf of the president, will allocate 120 billion rubles to VEB. from the funds of the National Wealth Fund (NWF) for the development of the “project financing factory” – a special mechanism for providing preferential loans for large investment projects. The corresponding order was signed by Prime Minister Mikhail Mishustin, reported on the government website.
“FNB funds will be placed on a subordinated deposit in VEB.RF at 7.5% per annum in order to finance the infrastructure project “Project Finance Factory Program,” the press service of the government reported.
The funds will be invested in large self-sustaining projects that “help restart the investment cycle in the economy”: the construction of power plants, industrial facilities and road infrastructure. The allocated resources will provide them with loans in the amount of 0.5 trillion rubles.
“Such support should give enterprises the opportunity to accelerate development, increase the number of jobs and, in the changed conditions, implement plans to release new products that are in demand on the market,” Mishustin said during a government meeting.
The government proposed to place 120 billion rubles. from the National Welfare Fund on subordinated deposits in VEB.RF to finance large investment projects of Fabrika back in May. This initiative was supported by the president: he announced plans to provide the Factory with this amount from the reserves in his speech at SPIEF.
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