Yury Trutnev, Deputy Prime Minister of the Russian Federation and Presidential Plenipotentiary Envoy to the Far Eastern Federal District instructed the Ministry for the Development of the Russian Far East and Arctic to develop a mechanism for reducing the interest rates for investment projects implemented in the Far East using preferential regimes of the ASEZ and Free Port Vladivostok.

Support for entrepreneurs was discussed at the last meeting of the Deputy Prime Minister with the heads of the Far Eastern regions.

“The interest rate, which has increased under the conditions of sanctions, is becoming one of the main risks for the implementation of investment projects in the preferential regimes of the Far East. Under these conditions, the state program “Social and Economic Development of the Far Eastern Federal District" should be revised. The main emphasis should be placed on subsidizing the interest rate on loans, which ensure the reliable and economically viable implementation of all investment projects, the construction of enterprises, and the creation of new jobs,” Yury Trutnev opened the meeting.

The current situation has led to a sharp increase in the cost of loans. Many large investors have not yet reached the operational stage, have not begun to receive revenue and are not ready for such a sharp increase in the cost of financing. In this regard, entrepreneurs asked to consider the possibility of reducing the interest rate on servicing loans provided for the implementation of investment projects.

Yury Trutnev instructed the Ministry for the Development of the Russian Far East and Arctic to work out the issue of using the funds included in the state program “Social and Economic Development of the Far Eastern Federal District” to reduce the cost of servicing the loan.

It is planned to allocate up to 50% of the state program to reduce the interest rate. “This will make it possible to allocate more than 20 billion rubles to subsidize the interest rate, which will almost halve the cost of loans,” Yury Trutnev said.

According to the Ministry for the Development of the Russian Far East and Arctic, the subsidizing mechanism will be in effect until the end of 2022 and will make it possible to invest at least 160 billion rubles in fixed assets in the Far East on preferential terms.