2021 October 12 10:02

Government Commission for Tourism backs up financing of STLC’s programme of subsidized leasing from NWF

This measure of state support is estimated at RUB 108 billion

As a measure of state support of domestic shipbuilding in the segment of passenger ships, the Government Commission for Tourism backs up a possibility to finance the programme of subsidized leasing from the National Wealth Fund (NWF), read the minutes of the Commission meeting held on 30 September 2021 (IAA PortNews has a copy of the meeting records).

Following the  joint presidium meeting of the Government Commission for Tourism Development in the Russian Federation and the State Council Commission of the Russian Federation for Tourism and Physical Fitness and Sport, the Ministry of Finance, the Ministry of Industry and Trade and the Ministry of Transport of the Russian Federation were instructed to look into financing of investment project of STLC “Programme for subsidized leasing of civil water craft” from the National Wealth Fund with annual interest of 1.5% for construction of cruise ships.

The results are to be reported to RF Government by 1 November 2021.

The Ministry of Industry and Trade earlier shared its plans to have over 300 ships built under subsidized leasing programmes by 2030.

IAA PortNews earlier cited Oleg Ryazantsev, Deputy Minister of Industry and Trade, speaking at NEVA 2021 exhibition, who estimated the subsidized leasing programme of STLC at RUB 108 billion.

“Today, together with STLC, colleagues from the Ministry of Finance and the Ministry of Economic Development, we follow the presidential instructions to obtain RUB 108 billion from the National Wealth Fund. It will be a large-scale programme through 2030s. Meanwhile, we understand that with the funds obtained from NWF, STLC will be able to raise the same amount from the debt capital market, plus RUB 40 billion under the state shipbuilding development programme. In total, our estimates show that those leasing based resources will let us build more than 300 ships by 2032”, said the official.

According to information obtained by IAA PortNews, STLC programme includes cruise ships of PV300 and PV180 designs, passenger ships of Chaika type running on LNG and on diesel fuel, as well as small-size cruise ships supposed to replace the Moskva type vessels.

Related link:

More than 300 ships to be built by 2032 under subsidized leasing programmes >>>>