700 million rubles to be allocated for the implementation of import-substituting projects of manufacturing enterprises in the region

Five applications from companies for the amount of 828.5 million rubles were reviewed at the meeting of the Expert Council of the Industrial Development Fund of the region.

«500 million rubles will be provided as co-financing for the development of machine-tool construction. Besides, an application for 200 million rubles was reviewed for the establishment of the first Russian plant for the production of alkaline batteries in the region. As part of the Import Substitution program, the interest rate is 0.1 percent per annum. The manufacturers are going to use the funds to buy equipment, which will help expand the production of machining centers and launch battery lines. This year, more than 1.5 billion rubles from the budget and the Industrial Development Fund of the region have been allocated for the implementation of 20 manufacturing facilities that are important for ensuring the technological independence of the country,» said Dmitry Khmelko, Minister of Industrial Policy of the Krasnodar Territory.

The head of the department added that the Expert Council of the organization also approved a preferential loan of 50 million rubles under the Business Turnover program to the Armavir-based industrial company YugEnergoProm. Under the Priority program, co-financing in the amount of 30 million rubles was agreed for Pharmservice located in the Dinskaya district. The enterprises plan to purchase raw materials, consumables and components for the production of industrial batches of products: domestic water heaters in Armavir and industrial personal respiratory protection equipment in Dinskaya.

The Grain Terminal Labinsky processing company from Ust-Labinsk was also approved for a loan under the Pischevik program in the amount of 48.5 million rubles. The manufacturer is carrying out a project to expand its portfolio of products with corn grits, wallpaper flour and others. The borrowed funds will enable to purchase the necessary industrial equipment,» said Dmitry Tsaplev, Director of the regional Industrial Development Fund.

Today, more than 30 import-substituting projects worth more than 27 billion rubles are currently underway in the region. These are all priority industries for the region. Many of them are expanding or creating product lines that are from 70 to 100 per cent dependent on imports in the domestic market.