The Supervisory Board of the Industrial Development Fund (IDF) took a decision to reduce the rate for the basic Development Projects programme and the Machine Tool Building programme from 5% down to 3% per annum. The rate will be in effect for the first three years of using the loan. The only condition is that a borrower should provide a bank guarantee for the entire term and amount of the loan.
It will be possible to apply for the new conditions as early as from this April. However, the rate reduction is an option, and not an obligatory condition. Companies that intend to provide another type of collateral will be able to get a loan at 5% per annum, as before.
For reference:
The Development Projects programme: loans are provided for projects aimed at import substitution and manufacturing of competitive civilian industry products, in the amounts from RUB 50 to 500 million.
The Machine Tool Building programme: loans are provided for the implementation of projects aimed at process re-equipment and retrofitting of the equipment and engineering software production, in the amounts from RUB 50 to 500 million.