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The Ministry of Economic Development of Russia develops new support measures for single-industry towns

The Ministry of Economic Development of Russia develops new support measures for single-industry towns
Mar 20

The Russian government signed a resolution created by the Ministry of Economic Development of Russia "About modification of Rules for granting from the federal budget subsidies of the nonprofit organization "Fund for Development of Single-industry Towns" (the Russian Federation Government Decree of 14 March 2020 No. 284).

The Fund will be able to co-finance the construction or reconstruction of social infrastructure facilities up to 50% of the total cost of each object in single-industry towns with a population of up to 50,000 people.

These changes will extend the Fund's support to new areas of investment activity in single-industry towns, including those related to the social sphere. In the current economic situation, the use of such instruments of state support is particularly relevant.

The Single-industry Towns Development Fund will provide loans to leasing companies for the purchase of property under a financial lease agreement, as well as for the implementation of investment projects implemented under concession agreements, public-private partnership agreements and municipal-private partnership agreements.

The Single-industry Towns Development Fund will also provide support to entrepreneurs implementing investment projects in single-industry towns where a federal emergency regime has been introduced to finance current activities, among other things.