Russia to allocate 7.5 bln rubles in 2023 for preferential loans for electronics manufacturers, including telecoms equipment - Mishustin

MOSCOW. Jan 30 (Interfax) - The Russian government has extended through 2023 the program to subsidize interest rates on loans for the manufacturers of radio electronics, and it will include telecommunications equipment in the preferential program, Prime Minister Mikhail Mishustin said on Monday at a meeting with the deputy prime ministers.

"The government has decided to extend the preferential financing of domestic enterprises. Around 7.5 billion rubles will be allocated for this purpose as part of the governmental program this year," Mishustin said.

According to the prime minister, borrowed funds at rates up to 5% per annum will also be available as of this year for the manufacturers of telecommunications and office equipment.

Mishustin also said that the period for preferential lending under the program has been increased from one to five years.

"Under the conditions of external restrictions, the logistics of supplies have changed, and of course, the cost of the electronics component base. In order to assist Russian manufacturers of computer equipment, a program to subsidize interest rates on bank loans was launched last year. The mechanism has shown its relevance, as billions of rubles of funds raised have been allocated to purchase necessary components and materials," Mishustin said.