Over 250 mln rubles allocated to support Russian exporting enterprises

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Russian authorities will allocate over 250 million rubles ($3.2 million) to subsidize interest rates on preferential loans for companies exporting goods to foreign markets, the government announced.

The funding is intended for enterprises in the chemical, forestry, metallurgy and other industrial sectors. The funds will allow the government to subsidize loans already provided to companies for production development and increased output.

Prime Minister Mikhail Mishustin expressed hope that the additional support will help businesses maintain the production of in-demand goods both for the Russian market and foreign buyers.

The preferential lending program enables companies to attract financing for investment projects, create new jobs and increase production capacity. As a result, companies gain opportunities to increase supplies both domestically and abroad.