Concessional lending for investment projects in Abkhazia to be extended to 2030 - Russian deputy PM

SUKHUM. April 6 (Interfax) - The program of concessional lending for investment projects in Abkhazia will be extended until 2030, with a credit limit of 20 billion rubles, Russian Deputy Prime Minister Alexander Novak said.

Since 2023, Russian banks have already financed ten projects in Abkhazia under this program totaling 6.6 billion rubles, some of which have already been launched, Novak said.

"These projects will create more than a thousand jobs and ensure an annual budget increase of 700 million rubles, and will also contribute to GDP growth," he said.

President Vladimir Putin supported the initiative to extend the program until 2030, Novak said.

"To increase the availability of borrowed funds, an additional 162 million rubles have been allocated this year to subsidize interest rates. The procedure for implementing the program was approved during a specialized forum, and the Abkhaz side has already prepared new projects in the areas of tourism, construction and agriculture totaling 6.5 billion rubles," he said.

The international economic forum in Abkhazia has become a platform for open dialogue and has given impetus to bilateral relations, he said.

"We have indeed developed a large number of ideas and initiatives that we will definitely put into practice. We will implement them together with the Abkhaz side," he said.