Volume of bank loans for technological sovereignty projects exceeds 550 bln rubles - Central Bank of Russia

MOSCOW. April 7 (Interfax) - The Central Bank of Russia has financed nearly 50 projects of technological sovereignty and structural adaptation of the economy totaling over 550 billion rubles, Central Bank Governor Elvira Nabiullina said.

"The number of the projects is currently approaching 50, loans for over 550 billion rubles have been issued for them, and the total budget of the projects is 3 trillion rubles. These are already substantial figures. From the middle of this year, our program should also cover sustainable development projects, investments in bonds, and not just loans, and the range of banks that will have access to incentives should expand substantially. We expect the program to continue gaining momentum," Nabiullina said in the State Duma during a meeting with deputies of the United Russia faction.

In June 2023, the Central Bank's instruction entered into force that introduced regulatory incentives for lending to projects of technological sovereignty and structural adaptation of the Russian economy. The Central Bank has estimated the lending potential owing to implementing incentive regulation and releasing bank capital at 10 trillion rubles, though financing transformation projects is not very popular. The Central Bank has attributed low demand to the lack of special support measures from the state and a limited list of projects.

Central Bank data indicate that banks had financed 45 projects of technological sovereignty and structural adaptation by the end of 2024, with the total budget exceeding 3 trillion rubles, accounting for the record-breaking investment volume of the high-speed railway project.