The Russian Ministry of Industry and Trade and Sberbank of Russia entered into the first agreement for granting subsidies for reimbursement of falling income on loans as a new measure for supporting agricultural, road construction, utility machinery, and food-processing equipment sectors. The corresponding rules for granting subsidies come into force on March 2, 2018 (Resolution of the Russian Federation Government No. 163 of February 17, 2018).
The new support measure will allow reimbursement to domestic banks, through subsidies, of the discount granted to the final consumer for interest payments on loans issued for the purchase of agricultural, road construction, utility machinery, and food-processing equipment, which require a credit rate of about 5% per annum.
In 2018, the federal budget allocates funds for the said State support mechanism in the amount of RUB 2 billion.
To participate in the programme, the consumer should contact the bank that has an agreement with the Russian Ministry of Industry and Trade, and sign a preferential loan agreement for the acquisition of appropriate equipment. The burden of receiving subsidies and processing documents falls on the bank.