Russian gov't to increase financing of preferential loans for industry to 120 bln rubles, lending to exceed 1 trln rubles
MOSCOW. April 8 (Interfax) - The Russian government has decided to triple the amounts for subsidizing preferential loans for systemically important industrial enterprises to 120 billion rubles, Prime Minister Mikhail Mishustin said during the government's annual report in the State Duma.
"Initially, 40 billion rubles were allocated to subsidize rates for industries and trade. I announce today for the first time that in agreement with the president, we decided the previous day to increase the amount three times. This means that we will allocate an additional 80 billion rubles," Mishustin said in the State Duma.
"In general, this is already 120 billion, which should render it possible to issue preferential loans totaling more than 1 trillion rubles," Mishustin noted.
Mishustin recalled that in addition to industry, preferential lending programs have already been launched for agricultural and fuel and energy enterprises.
"Twenty-six billion rubles have already been provided for systemically important agricultural enterprises. We will consider measures to support the fuel and energy complex tomorrow during a government meeting," he said.
"They are preparing [programs of preferential lending] for construction and other industries," the prime minister said.
According to a previously approved government decision, systemically important enterprises may obtain preferential loans from Russian banks for up to 12 months at 11% per annum for industry and trade enterprises and 10% per annum for agricultural enterprises in order to recapitalize.
Required lending for systemically important enterprises has been estimated at 1.5 trillion rubles for core industries, the Cabinet of Ministers previously reported, citing First Deputy Prime Minister Andrei Belousov.
Denis Manturov, the industry and trade minister, told reporters there had been requests from industry and trade enterprises for nearly 100 billion rubles of preferential loans. "So far, agreements for 99 billion rubles have been signed, and 12.6 billion rubles of this has been disbursed. We expect that in total, enterprises will be able to obtain around 500 billion rubles in loans thanks to that 40 billion [rubles]," he said.
Mishustin told the State Duma on Thursday that a resolution had been signed on granting a six-month deferral on loans received under the Payroll 3.0 program, which provides preferential loans to small- and medium-sized enterprises for retaining employees.
"Enterprises will be able to defer payments on interest and the principal for the period, which should reduce the burden and allow them to maintain jobs," Mishustin said.
The prime minister said that nearly 6.5 million jobs have been retained under the Payroll 2.0 and Payroll 3.0 programs, with the programs overall totaling around 600 billion rubles.