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Business will receive new benefits in the Far East
Residents of priority development areas in the Far East and the free port of Vladivostok will be able to get soft loans for their projects from 2020. The decision on subsidizing interest rates was signed by Prime Minister Dmitry Medvedev.
Part of the loan rate will be subsidized by the state. The amount of the subsidy for the bank will be the size of the key rate of the Central Bank in effect on the date of the loan agreement. According to the press service of the Ministry for the Development of the Russian Far East, the total cost of the investment project should be at least 30 million rubles and not more than 1 million rubles.
As Denis Yudin, Deputy Director of the Department for Attracting Private Investments of the Ministry for the Development of Russia, explained, the interest rate for an entrepreneur will be less than the market rate by the size of the Central Bank's key rate. Today it is 6,25%.