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Granting subsidies from the federal budget to fisheries and sole proprietors to refund a part of costs for interest payments under loans granted by Russian lending institutions for construction and renovation of fish processing infrastructure facilities

Conditions:

  • entering  into a loan agreement in 2008-2013 with a Russian lending institution to get a loan in the amount that is required to implement an investment project for construction and renovation of fish vessels for a period for up to 5 years;
  • using loan funds for construction, completion of construction, equipping,  renovation and other types of work (including procurement of proper equipment ) to improve (raise) initially approved standards of facility performance indexes    its  performance standards and new performance parameters;
  • no interest loan principal arrears;
  • no overdue debt on taxes, unpaid charges, and other unpaid mandatory payments to  the budget;
  • subsidies shall be granted to a borrower once every three ones;
  • costs for paying additional fees, bank fines, as well as interests, accrued   and paid for overdue debt cannot be refunded by using subsidies.

Amount:

  • two thirds of RF Central Bank refinancing rate in case if a loan interest rate is greater or equal the RF Central Bank refinancing rate;
  • two thirds of borrower’s costs to pay loan interests in case if a loan interest rate is less than the RF Central Bank refinancing rate;

two thirds of borrower’s costs to pay loan interests on the basis of RUB/ foreign currency exchange rate fixed by RF Central bank if a loan is granted in foreign currency but that amount cannot exceed the amount calculated on the basis of interest rate stated in a loan agreement and cannot exceed 9% per annum.

The subsidy amount shall be calculated on the basis of borrowed amount within the remaining balance of a loan.

Authorized body: Federal Fisheries Agency

Source documents: RF Government Directive No. 1182 on Adoption of Regulations for Granting Subsidies from the Federal Budget to Fisheries and Sole Proprietors to Refund a Part of Costs on Investment Loan’s Interest Payments that were granted by Russian lending institutions in 2008-2013 for construction and renovation of fish processing infrastructure facilities and fish products storage facilities dated December 29, 2010.

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