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19 May, Wednesday

Ufa   °

Russian regions to receive infrastructure loans for 500 billion rubles

Economy/Business

Vladimir Putin noted in his Address that it is necessary to help regions with a high level of commercial debt. “I propose that the entire volume of commercial debt of the regions, exceeding 25 percent of its own revenues, will be replaced by budget loans with a maturity date of 2029. Until the end of 2023, we plan to allocate infrastructure loans of at least 500 billion rubles. When granting them, we will be guided by the principle of fairness."

These loans will be given at 3% with a maturity of 15 years.

The government will support precisely those who have pursued and are pursuing a balanced financial policy: the fewer debts the region had, the more it will be able to receive infrastructure loans. Regional infrastructure projects should be implemented in the interests of Russian citizens.

The priorities are roads, city bypasses, housing and communal services, complex development of tourist infrastructure, Vladimir Putin noted.

/translated by Tatiana Aksyutina
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