Rules for preferential lending to residents of the Arctic zone has been approved by goverment24 December 2020
Russian Prime Minister Mikhail Mishustin approved the rules for granting loans at a reduced rate to the residents of the Arctic zone of the Russian Federation. The document signed by the Prime Minister is published on the website of the Russian Government. "The rate on the concessional loan will be lower than the market rate by one and a half the size of the Central Bank's key rate (currently 4.25% * 1.5 = 6.375%), but not less than 2% per annum," the Cabinet's website says.
Preferential loans will be available to projects in the sectors that will be determined by the Presidium of the state Commission for the development of the Arctic, with the exception of logging, fishing and mining. The cost of the investment project should be from 10 million to 2.5 billion rubles, and if it is implemented by several companies applying for a loan at once, the upper limit is 5 billion rubles. The document also States that the applicant must invest at least 30% of their own funds and ensure the creation of new jobs. Investors applying for rate subsidies,