Mikhail Mishustin has signed a directive that expands access to concessional loans for investors implementing projects in the Far East and the Arctic.

“It will be easier for entrepreneurs implementing investment projects in the Far East and Russian Arctic zone to get preferential financing. A directive to this effect was signed by Prime Minister Mikhail Mishustin,” the Government reports.

This directive includes the suspension of requirements on the total amount of investment and the minimum number of jobs to be created during project implementation. Previously, the development company had to invest at least one billion rubles in a project and create at least 250 jobs to obtain a subsidized loan. This adopted decision will make it possible to reduce the risks associated with the sanctions restrictions.

Concessional loans can be issued for infrastructure and manufacturing facility projects in a variety of priority sectors including industry, transport, and energy; support will also be available for other new projects in the Advanced Development Territories.

The rate on concessional loans depends on the Central Bank’s key rate, the Government points out. The mechanism for subsidies effective in the current environment will reduce the rate for businesses by 6.75 percent. Thus, the preferential rate for the above will start at 2 percent annually, says the report.