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MIL OSI Translation. Region: Russian Federation –

1 billion rubles will be allocated to finance regional industrial development programs. This order was signed by Prime Minister Mikhail Mishustin.

The funds will be distributed among 25 regions. Among them are the republics of Altai and Chuvashia, Kuzbass, Novosibirsk and Pskov regions, in which previously with on working trips Chairman of the Government.

Subsidies will go to investment projects to modernize industrial enterprises. We are talking, in particular, about reimbursement of part of the cost of purchasing new equipment, compensation for lease payments, payment for the services of resource supplying organizations to connect to the communal infrastructure.

According to the rules for granting such subsidies, new jobs must be created within the framework of each project. In addition, state funding is available only if private investors are also willing to invest in production.

The decision taken will reduce the cost of upgrading capacities, stimulate investment activity in the regions and help increase the competitiveness of Russian industries.

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

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