Industry Development fund until the end of the year will be sent no less than 16 billion rubles

Russian government decided to allocate the Fund Industry Development at least 16 billion rubles in 2014. This figure may be increased subject to possible adjustments to the annual budget. The draft budget for 2015-2017 years assumed financing fund has almost 18 billion rubles. In general, before the end of 2018, the amount allocated to the new development institutions could reach 70 billion rubles. This was announced by Minister of Industry and Trade Minister Denis Manturov at the III Moscow International Forum of Innovative Development "Open Innovation".

Concept Foundation suggests that one project in private investment will exceed the amount of support from the fund of 3-5. Thus, the mechanism will be launched to stimulate production and technology and large manufacturing companies to invest in projects on import substitution and market launch of new industrial products.

The Head of Industry and Trade has explained what criteria will be selected funded projects fund. "Companies applying for the allocation of concessional loans from the fund should refer to medium-sized businesses, ie implement projects worth between 150 million to 2 billion rubles, produce import-substituting products and implement the best available technology (BAT). Today it is a selection of projects in such priority areas as the production of equipment for fuel and energy, new materials, the development of mechanical and electrical products and components, "- said Denis Manturov.

New Development Institute was created to increase the availability of loans to finance industrial projects and will act as the coordinator of interaction between enterprises and the banking sector. It is not profit-oriented and will finance on a repayable basis of fairly large projects precommercial stages of research and development: from supporting the creation of new technologies or the completion of new product development up to finance projects on import substitution.

The Fund will implement a comprehensive technological, legal, financial and economic expertise science project - this is the functionality that banks can not provide. That is, the support fund will reduce the risks of research and production design to the standard level of business risk, thus opening up opportunities for banking and investment financing.

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Ordinance on the establishment of the Development Fund for Industry was signed by the Russian Prime Minister Dmitry Medvedev in September 2014. New development institution established on the basis of the Russian Foundation for Technological Development (RTDF) to fund research, development, design and survey works, as well as conducting feasibility and feasibility study. Earlier reports on the decision on allocation of the fund first billion rubles this year - thus, the first funding might be opened before the end of 2014. Also in the draft budget for the three-year-term funds were pledged in total 18.5 billion rubles.