Medvedev wants to expand state support of the Northern Caucasus

Medvedev wants to expand state support of the Northern Caucasus
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It is important to enhance mechanisms of state support for import replacing enterprises in the Northern Caucasus and develop a program for their financing with the help of leading state banks and the country development institutes.

RF Prime-Minister Dmitry Medvedev spoke on it at his residence in Gorki at the meeting of the committee on social and economic development of the North Caucasian Federal District. As he said, significant financing has been allotted from the budget, including those to partly compensate lending interest rates for investment loans. The creation of three industrial parks in three regions of the Northern Caucasus is supported at the federal level. A recently organized industry development foundation is used for that.
Five projects subsidized by the Ministry of Industry and Trade are included in the list of complex investment projects; their financing volume is more than 6 billion rubles. Due to the financing the situation in the industrial sector of the district is better than on average around Russia. The industrial manufacturing level has increased by 0.7% for the last five months.
Creating the conditions for faster development of industry and agriculture in the Northern Caucasus, the government is going to support the projects focused on import substitution.