The Russian Government issued the decree d/d June 16, 2016 and confirmed allocation of 500 million rubles which will be given to subsidize part of expenses of leasing companies on machinery for textile companies.
The money will be allocated to textile companies for machinery leasing at reduced rates, i.e. 4-5 per cent per year. This support tool will be used in the fourth quarter of this year. Moreover, public funding of school uniform manufacture will be reduced by 200 million from 0.6 to 0.4 billion rubles, and compensation for the interests on 2015 targeted loans for funding the current production will be cut by 300 million from 0.8 to 0.5 billion rubles. The appropriate changes have been made to the programme on the textile industry development for 2016.
“Making amendments to the programme on the textile industry development allows companies to procure equipment at reduced rates for the amount exceeding 1.6 billion rubles. If the practices are successful, the programme of leasing at reduced rates will be continued”, said Viktor Evtukhov, State Secretary, Russian Deputy Minister of Industry and Trade.