MAYOR: state guarantees for project financing in 2016 could grow to 60 billion rubles.

MANILA, November 17. The amount of state guarantees in the framework of project financing may be increased to 60 billion roubles from 37.5 billion rubles. Provided for by an amendment that can be submitted to the state Duma for the second reading of the draft Federal budget for 2016, told journalists the Minister of economic development of Russia Alexei Ulyukayev.

“We have already suggested (to increase), this will be amendments to the second reading (draft budget) – up to 60 billion rubles”, – he said.

According to Ulyukayev, the Ministry of Finance supported this proposal.

Development of project financing provided by the plan of the government of the Russian Federation for increasing productivity and stimulating economic development. The limit of the CBR for these operations amounts to 100 billion roubles. Ulyukayev noted that this limit is selected to more than 40 billion rubles.

For loans under the programme are issued state guarantees.

Under the program of project financing, the lenders provide the borrower with funds under 11% per annum, and the Bank funded these banks at 9%. The program assumes financing no more than 80% of the total value of the investment project at the expense of borrowed funds. The participants can be organizations with their own funds in an amount not less than 100 billion rubles. In addition, the organization should have experience in implementing at least 10 investment projects over the past three years in an amount not less than 3 billion rubles each.

Currently to participate in the program selected 42 projects for a total value 347,1 billion (the amount of the requested loan resources – 235,5 billion), of which 11 projects are being implemented in the agricultural sector, 8 projects in the transport sector, five projects in the sphere of production and distribution of electricity, gas and water and in mechanical engineering, three projects in the health sector, two projects in the field of communication and telecommunication, pharmaceuticals and wood processing and one project in metallurgy, chemical industry, production of electronic components, equipment for radio, television and communication, food production.