The Ministry of Industry and Trade clarified the rules for subsidizing loans to manufacturers
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The White House is detailing mechanisms to support the production of priority products that are not produced in the country. We are talking, in particular, about spare parts for cars, tomographs, equipment for drones. To launch preferential lending to producers of such positions, the Ministry of Industry and Trade has prepared amendments to the rules for issuing budget subsidies to VEB.RF and banks, which must compensate creditors for the difference between the key and preferential rates. Industrial enterprises will be able to receive loans up to 100 billion rubles. provided that they co-finance at least 20% of the cost of the investment project.
The Ministry of Industry and Trade published on regulation.gov.ru a draft government decree amending the rules for issuing subsidies to VEB.RF and banks to compensate for lost income on preferential loans to manufacturers of priority industrial products. The program to support companies launching investment projects for the production of such products became known in February. We are talking about issuing preferential loans (at a rate of no more than 30% of the key rate of the Central Bank plus 3 percentage points). With the current Central Bank rate of 7.5%, the preferential rate will be 5.2%. The difference will be compensated to banks from the budget.
So far, the government has allocated only 1 billion rubles for these purposes, which makes it possible to subsidize loans in the amount of about 25 billion rubles, but even when the idea was discussed at the State Council in December, the Ministry of Industry and Trade assumed that appetites would grow. Under the program, businesses will be able to attract up to 100 billion rubles. for the implementation of one investment project (subsidies for such a loan at current interest rates will already exceed 4 billion rubles a year), the amount of own funds should be at least 20%. According to the draft resolution, when calculating the total cost of an investment project, investments made in the last two years can be taken into account. At the same time, with regard to projects where “the economy does not develop on a common basis”, individual decisions of the government can achieve an additional reduction in the cost of the loan, Deputy Prime Minister Denis Manturov promised.
He calls priority industrial initiatives that will serve to ensure food, energy and biosecurity, accelerate the development of the healthcare system, the transport sector, and increase the pace and quality of infrastructure and housing construction.
The list of priority products has recently been detailed in the taxonomy of technological development (de facto it is a compilation of the government’s industrial and technological priorities for the coming years, around which the main support measures will be concentrated). This includes aircraft, car parts, tomographs, equipment for drones and nuclear installations.
Among the priority industries in the draft resolution are auto, aircraft, ship and machine building, machine tool industry, chemical complex, ferrous and non-ferrous metallurgy. The project of the Ministry of Industry and Trade also details the list of expenses for which credit funds can be directed, including the costs of construction, infrastructure modernization, equipment purchase, commissioning, as well as customs and license fees, development work and certification products. If within 18 months the borrower does not achieve the declared results on the investment project, then the subsidy will have to be returned to the budget.
The project provides for restrictions on parallel lending to borrowers – a company cannot have several loan agreements in different banks to finance the same investment project or aimed at the production of the same priority products. The exception will be syndicated loan agreements. Such rules should balance the interests of borrowers and creditors, reducing the risks of the latter. At the same time, subsidies to banks can only be issued for loans that were issued no earlier than the fourth quarter of 2022.
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