Russian govt to provide 2.5 bln rubles for subsidized loans for chemical investment projects to 2025

MOSCOW. March 6 (Interfax) - Russian government support in the form of subsidized interest rates on loans will be extended to investment projects to manufacture chemical products that received or will receive loans in 2020-2024, according to a resolution signed by Prime Minister Mikhail Mishustin.

"We are extending the mechanism of state support to production of small and medium scale chemical products, including components for construction and road surfacing, household chemicals and other useful materials. Investors in such projects will be able to recover up to 70% of interest expenses on loans received in the past four years and in 2024. We will allocate 2.5 billion rubles from the federal budget for this purpose in the next two years," Mishustin said at a meeting with deputy prime ministers.

The government will also lift the restriction on the maximum amount of investment in a project and instead set a cap on the subsidized portion of borrowed funds at 8 billion rubles. The minimum overall cost of an investment project will be 150 million rubles.