Manturov: annual Industry Development Fund could reach 15-20 billion rubles

The volume of Industry Development Fund  - created to make loans to enterprises -  may reach 15-20 billion rubles per year. This was announced at the 48th Conference of the International Steel Association (World Steel) by head of Industry and Trade Minister Denis Manturov.

"We expect that the state will transfer to the fund of 15-20 billion rubles. Per year" - he said, i-russia.ru reports.

The fund was established in September 2014 based on the existing for several years the Russian Foundation for Technological Development (RTDF) to fund research, development, design and survey works, as well as feasibility and feasibility study. It is about the funding of projects in volume from 150 million to 2 billion rubles. The Fund is administered by the Industry and Trade Ministry.

As explained earlier, Deputy Prime Minister Arkady Dvorkovich, the Finance Ministry should allocate the first tranche of 1 billion rubles for the fund in the current year, thus, the first funding will open in December. In the draft budget for the three-year period in total 18.5 billion rubles are laid down, as he noted.

The idea of creating a fund for development of the domestic industry was said by the President Vladimir Putin, speaking in May at Petersburg international economic forum. Then he called through industrial upgrading and construction of new facilities, as well as the localization of competitive production in Russia to reduce imports in many positions. The President instructed to analyze the possibilities of competition import, particularly in industry, as well as to develop a package of measures to support domestic enterprises capable of producing such products.