In the first six months of the current year, the Industrial Development Fund (IDF) approved loans for 147 projects of industrial companies totaling 40 billion rubles. This is 45% higher than last year's figures for this period in quantitative terms and 2.2 times higher in monetary terms.

As the head of the supervisory board of the fund, the head of the Ministry of Industry and Trade Denis Manturov said, the FRP plan provides for the approval of 170 projects. This means that in the first six months alone, the fund has fulfilled the plan almost completely (by 86%).

Such an increase compared to 2019, according to Manturov, is due to the fact that this spring the program to counter epidemic diseases was launched. Its goal was to finance companies that produce, among other things, personal protective equipment and goods for the prevention and treatment of diseases.

The Minister noted that the agency responds quickly to the challenges and needs that arise in the industrial sector and Russia as a whole. For example, in March, the FPF in a short seven days launched a program in connection with the pandemic and refocused its work on maximum support for businesses that produce necessary goods in the fight against the disease. Thus, the fund considered projects under this program, which the Government financed with 25 billion rubles, in an accelerated mode and in a simplified form.

Thanks to the loans granted, it was possible to mobilize the industry and increase the output of the goods most in demand during the pandemic.

In addition, the Supervisory Board extended the programme to the manufacturers of critical products to combat the infection.

It should be reminded that the purpose of the "Priority Projects" programme is to finance critically important projects in strategically important areas. As Manturov stressed, creation of a strategic stockpile of goods against coronavirus is a matter of national security and in this regard the programme has been extended to projects for production of such products.

Made in Russia // Made in Russia

Author: Ksenia Gustova