Ministry of Economic Development of the Russian Federation
Ministry of Economic Development of the Russian Federation
The Ministry of Economic Development has simplified the procedure for submitting applications to the North Caucasus Development Corporation for state support of investment projects
3 September 2020 11:29

The Ministry of Economic Development of the Russian Federation has approved the updated investment policy of North Caucasus Development Corporation JSC. The set of new conditions was developed under the leadership of Mikhail Babich, First Deputy Minister of economy of the Russian Federation, together with the Corporation, regional authorities and investors. The procedure for submitting documents by the initiator is simplified, and the maximum period for reviewing the application is reduced.

Government assistance to priority projects is still possible in two formats: provision of targeted loans and participation in the authorized capital of legal entities.

For a preliminary rapid analysis of an investment project, it is now enough to provide only 4 documents, the preparation of which will not require additional costs: an application, a questionnaire, a business plan, and a financial model. In total, the number of documents that the initiator needs to submit in order to consider granting funding has been reduced by more than half (from 52 to 21). The deadline for conducting a full review of an investment project has been reduced by one-third from 90 to 60 calendar days, while an exhaustive list of grounds for extending the review has been established (maximum for another 60 days).

"The main innovation is transparent to the initiators of the conditions of state participation in projects. The new rules will help efficiently allocate funds by priority, as well as closely monitor the stages of project implementation and compliance with the established partnership indicators. We hope that the new conditions will allow us to consider and support more applications," Mikhail Babich said, First Deputy Minister of economic development of the Russian Federation.

The main industry priorities for receiving investment support include: agriculture and fish farming; mining; manufacturing; industry; transportation and storage; tourism; activities in the field of health resorts, rehabilitation and medical tourism; IT technologies; alternative energy; environmental projects aimed at waste processing.

"In the process of updating the investment policy, updated conditions were sent to potential investors and regional development institutions of the district's subjects. As a result, the opinions received by the NCDC on how to make the instruments of financial and non-financial state support for investment projects in the North Caucasus more effective were taken into account. We will continue to actively review projects and provide full support to the initiators, " Andrey Kharin said, NCDC General Director.

It should be noted that the main goals of the Corporation's investment activities are to assist in the implementation of cost-effective investment projects in the North Caucasus Federal district aimed at the development of economic sectors and the formation of an investment-attractive environment in the macroregion together with state authorities and the business community.

Дата публикации: September 3, 2020
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