Limits on lending through IDF to increase to 3-5 bln rubles amid Central Bank of Russia's high key rate - industry and trade minister

MOSCOW. Feb 20 (Interfax) - Russian authorities plan to raise limits on one of the most sought-after support mechanisms for enterprises - preferential loans from the Industrial Development Fund (IDF) - to 3-5 billion rubles, Industry and Trade Minister Anton Alikhanov said.

"We are currently discussing with colleagues the revision of lending limits under the IDF. It is clear that we will raise it to 3 billion or 5 billion rubles to enable implementation of projects, taking into account the Central Bank's high rate in such a syndicated format with support at 3%-5% per annum," Alikhanov said while speaking at the Future Technologies Forum.

Currently, the limit for preferential lending under key programs through the IDF is 1 billion rubles, with a higher limit of up to 5 billion rubles established only for the Auto Components specialized program.

The IDF was established in 2014 based on the Russian Technological Development Fund to finance projects aimed at producing high-tech products, import substitution, equipment leasing, production digitalization and other projects. The fund provides targeted loans at 3% and 5% per annum for up to seven years.