Russian Government will earmark subsidies for 18 Russian transport and shipping companies for the purchase and leasing of 92 new merchant ships, the government's press office said.
Russian Prime Minister Dmitry Medvedev signed a decree (No 25) on January 21 2016. The document was submitted by Ministry of Industry and Trade.
Subsidies will be provided under the sub-program "State support" of the state program "Development of shipbuilding and equipment for offshore development in the 2015-2030 years."
The document reads "to support and to develop the shipbuilding industry and to encourage Russian customers raise their equity (non-budget) for the construction of ships, transport and shipping companies will receive subsidies for partial reimbursement of the interest on loans obtained from Russian credit institutions and the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) for the purchase of civilian ships, as well as the payments under lease agreements, signed with Russian leasing companies for the purchase of civilian ships."
Such state support has already helped raise about $ 1.05 billion of non-budgetary funds for the construction of new ships, create about 1,000 jobs at Russian transport and shipping companies as well as to keep more than 10,000 jobs in Russian design engineering companies and shipyards.
For that purpose the government earmarked in the 2016 federal budget for the Ministry of Industry and Trade: 704.3 million rubles (loans) and 1.056 billion rubles (leasing).