Over 3.5 bln rubles allocated to support small and medium businesses in monocities and special economic zones

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The Russian government has allocated over 3.5 billion rubles ($48 million) to support small and medium-sized businesses operating in monocities (single-industry towns) and special economic zones.

The funds will be used to provide entrepreneurs with preferential financing and bank guarantees. It is expected that this support will help companies implement investment projects, launch new production facilities, and expand existing enterprises.

Russian Prime Minister Mikhail Mishustin noted that over the past 12 years, more than 30 billion rubles ($400 million) have been allocated from the federal budget for the development of monocities. He stated that these measures have attracted over 250 billion rubles ($3.4 billion) in private investment to these areas.

During this period, thanks to implemented projects, approximately 45,000 new jobs have been created in monocities.

According to Mishustin, the next package of financial support is intended to further develop the economy of monocities, attract new businesses, and expand the range of goods and services available to local residents.

"This decision will help improve the economy in these areas, support the citizens living there, create new production facilities and new services," the Prime Minister emphasized.