Industrial Development Fund (IDF) launched a new preferential lending program for the purchase of drug labeling equipment.
To implement labeling process, the pharmaceutical manufacturers need to purchase special equipment. Now, they can apply for a preferential loan from IDF in the amount of 5 to 50 million rubles provided for these purposes for up to 2 years at 1% per annum. Moreover, the repayment of principal will start only from year 2 of the loan period.
The key feature of the program is that the company is not required to co-finance the project. In other words, the loan allows to fully pay for the purchase of equipment. However, as a collateral, the company must provide a bank guarantee for the amount of the loan.
Industrial Development Fund was established at the initiative of the Ministry of Industry and Trade to modernize Russian industrial sector, set up new production facilities, and ensure import substitution. IDF programs allow Russian companies to get access to preferential lending required to start manufacturing unique local goods and analogs of advanced international products.