Moscow to support key industrial sectors with 107.5 bln rubles

Jan 16, 2017 2:11 pm

The figure of 107.5 billion rubles to support key industrial sectors of Russia was already approved by the Government

The Russian government has decided to allocate 107.5 billion rubles in support measures for the country’s key industrial sectors in 2017, the Minister of Industry and Trade Denis Manturov said at a meeting with Russian President Vladimir Putin on Monday.

“The Government has decided to allocate 107.5 billion rubles this year for key economic sectors. These are above all the automotive industry, which will receive over 60 billion rubles, including measures to support demand, preferential leasing, vehicle purchase loans at preferential conditions, and purchase of ambulances and school buses for the regions. Other priority sectors include agricultural machinery, which will receive 13.7 billion rubles. Then, 2.2 billion will be allocated to light industry, which also showed a positive growth last year of more than 10% overall for the sewing and textiles segment, and around 16% for leather goods. For the first time the food processing machinery sector will receive 1 billion rubles, and 2.5 billion rubles will be allocated for road construction machinery,” Mr. Manturova said.

The Minister also stressed that the figure of 107.5 billion was already approved by the Government. “We will draft all necessary laws and regulations to ensure that we provide systemic support to the industry throughout the year, including topping up the Industry Development Fund’s capitalization by 17.4 billion rubles, as well as working according to the schedule approved by the Finance Ministry”, he said.

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