Russian Government to allocate 21.5 billion roubles for IT industry support measures

On April 2, Russian Prime Minister Mikhail Mishustin signed the decree to allocate 21.5 billion roubles from the reserve fund to support the IT industry in 2022.

The funds will be used to subsidize the interest rate on loans for digital technology companies - it should not exceed 3 percent. This will provide incentives for the implementation of at least 75 digital transformation projects.

In addition, the maximum amount of grants provided for the implementation of projects will be increased. In total, 14 billion roubles will be allocated for these projects.

For them, the interest rate on loans, taken in 2020-2022, will be reduced to 5 percent. As many as 1.5 billion roubles allocated for these purposes will help to improve the living conditions of 10,000 citizens.