The government will allocate 120 billion rubles to VEB.RF. for infrastructure loans
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The Russian government will allocate 120 billion rubles. from the National Welfare Fund (NWF) to the VEB.RF Project Finance Factory program. It is implemented to provide loans to enterprises for the construction of power plants, industrial facilities and road infrastructure. This was announced by Russian Prime Minister Mikhail Mishustin at a government meeting.
“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,” Mikhail Mishustin said.
The money is allocated according to the order of the President of Russia. During a speech at SPIEF 2022, Vladimir Putin declaredthat the allocation of funds from the NWF will allow lending to the most popular initiatives.
“Project Finance Factory” allows you to borrow up to 80% of the cost for significant projects on the basis of syndicated loan agreements with the participation of commercial banks and VEB.RF. The program also helps to increase the volume of lending for existing projects.
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