OREANDA-NEWS. April 24, 2009. Press-conference on domestic automotive industry support as part of federal crisis combating policy was held in Tver Regional Branch of Russian Agricultural Bank. Governor of Tver Region, Director of RAB’s Tver Regional Branch, General Director of “Lada-Stil” automotive manufacture and agribusiness representatives interested in the program were participated in the conference, reported the press-centre of Russian Agricultural Bank.

Tver Governor stressed high relevance of AutoCredit program to the rural population. Six thousand rural settlements with population below 50 individuals are located at a large distance from the district centers. Automobile is a vital means of transport for rural residents and will improve significantly their living standard and social status.

Preferential terms for purchase of domestic automobiles are very important for the rural population with low level of income. Under the program AutoCredit launched by RAB borrowers will receive a subsidy of 2/3 from the refinance rate of the Bank of Russia currently set at 13%. Annually RUR 2 billion will be allocated from the federal budget for the subsidies under Domestic Automotive Industry Support Program. A limit of RUR 1 billion will be allocated for Russian Agricultural Bank for the program implementation.