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Russia to allocate $1.1 billion for import substitution

Staff Writer |
70 billion rubles ($1.1 billion) are planned for allocation from the budget for the import substitution program in 2016, Russian Industry Minister Denis Manturov said in an interview with Kommersant newspaper.

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"We plan to allocate 70 billion rubles from the budget for the import substitution program, including financing from the Industry Development Fund that received 20 billion rubles ($313.1 mln) of extra capitalization," the Minister said.

The Ministry does not want at the same time to use the instrument of special investment contracts (SIC) on a wide scale, Manturov said.

"We will assume highly balanced, I would say even case-based approach," he added.

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