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MIL OSI Translation. Region: Russian Federation –

The concessional lending program for digital transformation projects is planned to be expanded. This was announced by Deputy Prime Minister Dmitry Chernyshenko. The Ministry of Digital Development has developed a draft of the corresponding resolution.

According to the document, four more categories of borrowers will be able to receive a loan for the implementation of a digital transformation project at 1-5%. In particular, Russian software developers and individual entrepreneurs.

Dmitry Chernyshenko noted that last year, by reducing the minimum loan amount, the range of companies that can receive soft loans for digital transformation has already been expanded. The measure of support has become available to small businesses.

“Due to this, the number of supported projects has significantly increased, to be precise, by 8 times. In 2021, 73 projects received funding. The loan portfolio for them amounted to about 50 billion rubles. Currently, another 110 applications for 40 billion rubles are being processed. 4.8 billion rubles have been allocated in the federal budget until 2024 to subsidize the interest rate. More than 200 projects for the implementation of Russian IT products will be able to receive financing, and the loan portfolio will exceed 150 billion rubles. This is a significant investment both in the digital transformation of the economy based on Russian IT solutions, and in the development of the IT industry and domestic products,” Dmitry Chernyshenko said.

Currently, 22 banks are engaged in issuing preferential loans. Among them are VEB.RF, Sberbank, Gazprombank, Alfa-Bank, VTB, Sovcombank, Raiffeisenbank and RNKB.

According to the Ministry of Digital Development, the average interest rate for projects that have already received loans is 3%, while individual agreements are concluded at a rate of 1.5%.

“Preferential loans will be available not only to Russian organizations, but also to foreign companies implementing digital transformation projects based on Russian IT solutions, as well as Russian software developers,” added Maxim Parshin, Deputy Minister of Digital Development, Communications and Mass Media.

He also said that the draft resolution could be signed in the first quarter of 2022.

The concessional lending program for Russian companies implementing digital transformation projects or programs was launched at the end of 2019. Its participants can raise from 5 million to 10 billion rubles at a rate of 1 to 5% for digital transformation projects in which the share of domestic software is at least 70%.

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

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