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Decree of February 9, 2021 No. 141

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Decree of February 9, 2021 No. 141

A program of soft loans for hotel construction starts in Russia. The rules for granting such loans were approved by Prime Minister Mikhail Mishustin.

Now entrepreneurs implementing investment projects in the hotel business will be able to receive financing at a rate of 3 to 5% per annum. The term of the loan agreement is up to 15 years inclusive.

The concessional loan is available to organizations that have no salary arrears to employees and no late tax payments. A potential borrower also cannot go through liquidation or bankruptcy proceedings.

Comment

From the opening remarks by Mikhail Mishustin at a meeting with the Deputy Prime Ministers, February 15, 2021

The funds received can be used for the construction or reconstruction of buildings to accommodate hotels with an area of ​​at least 5 thousand square meters. m or with a fund of 120 rooms. It is also allowed to invest in hotels located in multifunctional (office or shopping and entertainment) complexes if their fund exceeds 150 rooms.

The decree signed by Mikhail Mishustin will attract new investors to the industry, stimulate the creation of high-quality infrastructure, which in turn will increase the attractiveness of domestic and inbound tourism.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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