Russian govt to allocate an additional 4.5 bln rubles for preferential loans in tourism sector

MOSCOW. Oct 20 (Interfax) - The Russian government will allocate an additional 4.5 billion rubles for the program of preferential lending for investment projects in the tourism sector, the government's press service said on Saturday.

The corresponding order was signed by Prime Minister Mikhail Mishustin.

"An additional 4.5 billion rubles has been allocated from the government's reserve fund to support the program of preferential lending for investors implementing projects aimed at developing domestic and inbound tourism," the press service said.

The funds will be used to subsidize preferential loans issued for implementing 35 investment projects, including for constructing and renovating hotels and creating ski resorts, water parks and amusement parks, it said.

"We expect that such financing will allow for the expansion of tourist infrastructure, which will give travelers the opportunity to see more sights and natural beauty, of which there is so much in Russia, to properly appreciate our multinational culture and hospitality, and of course, will help increase the number of trips across the country," the press service quoted Mishustin as saying.

The program for issuing preferential loans in the tourism sector was launched by the government in 2021. Through this mechanism, investors can obtain a preferential loan for constructing and renovating hotels, multifunctional complexes, amusement parks, water parks and ski resort infrastructure.

Around 25 billion rubles are allocated for these purposes in 2025, the press service said. The program is being implemented as part of the Development of Tourist Infrastructure federal project of the Tourism and Hospitality Industry national project.