Government has doubled the funding for car loan programmes to ₽10 billion

Government has doubled the funding for car loan programmes to ₽10 billion


 

TASS.- The Russian Ministry of Industry and Commerce has increased the funding for preferential car loan programmes from 5 billion to 10.5 billion rubles, as told by the press office of the ministry. The manufacturers will also be supported within the framework of the economic subsidy programme to tackle the adverse conditions created by the Coronavirus pandemic.

“The Russian Ministry of Industry and Commerce currently provides various types of support to car manufacturers within the scope of the ongoing priority measures to ensure sustainable economic development against the background of the spread of the Coronavirus” – as stated by the ministry: “Proven measures for the stimulation of demand for motor vehicles have already been launched: the preferential car loan programme with 10.5 billion rubles funding, preferential leasing with 2 billion rubles funding and the stimulation programme for the sales of gas vehicles with 3.3 billion rubles funding”.

According to data published by the ministry previously, 5 billion rubles have been allocated for the subsidy of the preferential car loan programmes: First Car and Family Car for 2020. As stated by the minister Denis Manturov, an increase in the financing of the programmes will be considered, as per requirement.

“The current number of vehicles manufactured by Russian enterprises is enough to meet the demand in full” – as emphasised by the ministry. The Ministry of Industry and Commerce has also reminded that a government order has been approved in mid-March, as an additional support for car manufacturers, which gives the producers the opportunity to change the terms of existing contracts in agreement with state customers, without any risk of penalties.