Dmitry Medvedev signed an executive order on establishing the industry development fund. This was stated by Prime Minister during a meeting with Vice-Premiers on Tuesday. A total of RUB 18.5 bn will be allocated for this purpose within the next three years.
One of the main aims of new fund is crediting enterprises at the stage of pre-banking, supporting new projects during R&D, FS, - Deputy Prime Minister ArkadijDvorkovich said.
According to Deputy Prime Minister, the first financing of fund may be open in December already. “We agreed with Minfin about allocating of the first billion rubles in 2014”,Dvorkovich clarified. Funds for this purpose for three years’ perspective are guaranteed by the budget in volume of 18.5 billion rubles, Vice-Premier informed.
The fund will be established on the basis of the Russian fund of technological development, existing for several years already. This fund was giving loans organizations occupied with innovation projects of medium size. “The old fund was rather small. To escape formation of new organization we decided to propose establishing new, more serious large-scale industry development fund on the basis of this one”,Dvorkovich explained.
According to the Deputy Prime Minister, the old fund’s programmes will be preserved. A new direction is to appear – crediting enterprises at the stage of pre-banking. It concerns medium-sized projects from 150 million to 2 billion rubles.
“Smaller projects are financed by Vnesheconombank subsidiaries. Larger projects – by VEB itself, and medium-sized projects were beyond existing financing institutions. This fund will fill the gap”, Dvorkovich explained.
Establishing of industry development fund was provided by the conception of the law “The law on the industrial policy”, developed by Minpromtorg. Head of the ministry Denis Manturov explained, that creating this fund “will allow companies to obtain long-term funding at competitive rates unlike those existing now, at the level not higher than 5% per annum. It means launching new production and generating additional employment”.