Projects worth $11 bln approved on cluster investment platform
Subsidized loans are granted to Russian industrial plants for implementation of investment projects on making priority products, state corporation VEB.RF said.
Fifty-five projects with the total value of 1.1 trillion rubles ($11 bln) were approved within the framework of the Cluster Investment Platform program, Russian state corporation VEB.RF said.
"The Cluster Investment Platform (CIP) is a rate subsidizing mechanism launched in April 2023. The mechanism is aimed at the achievement of import phaseout goals. Subsidized loans are granted to Russian industrial plants for implementation of investment projects on making priority products, the state corporation said.
"VEB.RF team is proactively participating in implementation of CIP. The Industry Development Fund was designed as an operator, performs due diligence of investment projects, advises borrowers for purposes of investment projects improvement, monitors progress in implementation of projects and considers documents of credit institutions for making agreements on provision of subsidies and for receipt of subsidies," the state corporation said.
Eight projects are already been implemented to date. Twenty-five projects are at the phase of active consideration, with the possible total amount of support by VEB.RF, including guarantees and loans, is estimated at 313 bln rubles ($3.1 bln), Deputy Chairman of VEB.RF Daniil Algulyan said.
"High-technology, pharmaceutical, medical, chemical, oil and gas chemical industries, microelectronics, machine tool manufacture, shipbuilding, automotive and power equipment manufacturing are among key sectors of CIP projects with VEB.RF participation," he noted.
Target areas of subsidized loans within CIP framework also comprise acquisition, construction or renovation and rental of production buildings or structures.
Source
Fifty-five projects with the total value of 1.1 trillion rubles ($11 bln) were approved within the framework of the Cluster Investment Platform program, Russian state corporation VEB.RF said.
"The Cluster Investment Platform (CIP) is a rate subsidizing mechanism launched in April 2023. The mechanism is aimed at the achievement of import phaseout goals. Subsidized loans are granted to Russian industrial plants for implementation of investment projects on making priority products, the state corporation said.
"VEB.RF team is proactively participating in implementation of CIP. The Industry Development Fund was designed as an operator, performs due diligence of investment projects, advises borrowers for purposes of investment projects improvement, monitors progress in implementation of projects and considers documents of credit institutions for making agreements on provision of subsidies and for receipt of subsidies," the state corporation said.
Eight projects are already been implemented to date. Twenty-five projects are at the phase of active consideration, with the possible total amount of support by VEB.RF, including guarantees and loans, is estimated at 313 bln rubles ($3.1 bln), Deputy Chairman of VEB.RF Daniil Algulyan said.
"High-technology, pharmaceutical, medical, chemical, oil and gas chemical industries, microelectronics, machine tool manufacture, shipbuilding, automotive and power equipment manufacturing are among key sectors of CIP projects with VEB.RF participation," he noted.
Target areas of subsidized loans within CIP framework also comprise acquisition, construction or renovation and rental of production buildings or structures.
Source