“The Expert Council of the Industrial Development Fund approved five loans for projects in the Samara, Kirov and Bryansk regions, as well as in the Krasnodar Krai. The total cost of their implementation will exceed 1.1 billion rubles, including more than 675 million rubles that are the loans from IDF,” said Roman Petrutsa, Director of IDF.
Four of the loans approved by the Expert Council of IDF are related to the recently launched Drug Labeling Program. 50 million rubles loans were approved for Ozon Pharm and Ozon from the Samara region; a loan of 50 million rubles was also approved for AVVA RUS JSC from the Kirov region; and a loan of 25.6 million rubles was approved for Armavirskaya Biofabrika, a federal state-owned enterprise from the Krasnodar Krai.
Before these preferential loans will be provided by IDF, the companies must sign contracts establishing the obligations of the parties.
The Industry Development Fund was established at the initiative of the Russian Ministry of Industry and Trade to modernize the Russian industrial sector, organize new production facilities and ensure import substitution. IDF programs allow Russian companies to access preferential loan financing required for launching the manufacturing of unique local products, as well as the analogs of advanced international products.