Businesses in the light industry will be provided with subsidies partially reimbursing them for the cost of interest on loans. The related decree was signed by Prime Minister Mikhail Mishustin, the document is published on the Government of Russia's website.
The decision applies to loans taken from 2019 to 2022 to replenish the working capital. The subsidy will cover 70% of the cost of interest payments. RUB 1 billion will be allocated for this support measure before the year end.
The reimbursement shall apply to loans provided for up to three years. The subsidies will be transferred to companies monthly.
The decree will help stabilize the financial situation at the key companies of the light industry, improve the product quality and expand the product range for various markets.
