Russia to allocate additional 18.5 bln rubles for preferential loans to electronics manufacturers

MOSCOW. Nov 21 (Interfax) - The Russian government plans to finance the program for preferential lending to the manufacturers of radio electronics additionally in 2024 at 18.5 billion rubles, Prime Minister Mikhail Mishustin said at a government meeting on Thursday, noting that the funds will be allocated from the reserve fund.

There are plans to allocate 30 billion rubles for the program over the next three years, Mishustin said.

The government launched the preferential lending program for manufacturers of electronics in March 2022 for one year initially and subsequently extended the program to 2023 and subsequent years. Government resolution No. 407, dated March 18, 2022, regulates the program and allows for loans of up to 100 billion rubles at a rate of up to 5% per annum.

Companies in the industry may use the loans to purchase electronic components, as well as components and materials necessary to manufacture equipment.