OREANDA-NEWS. Russian manufacturers of cars and automotive components will be included in a number of enterprises, for which the Ministry of Industry will subsidize part of the interest on loans, taken out in Russian banks and Vnesheconombank in 2015. It is written in the draft amendments to the Resolution of the Government of the Russian Federation "On the Rules of subsidies approving in 2015". Now these subsidies are allowed for manufacturers of transport, agricultural, heavy, power, and oil and gas industry, as well as other sectors of the economy; there are no auto companies in the list, wrote the newspaper "Izvestia".

In the explanatory memorandum to the draft of government decree Ministry of Industry explained that subsidies for repayment of interest on loans to companies of car industry are necessary due to the difficult position, in which they were due to the devaluation of the ruble and sharply higher key rate of the Central Bank of the Russian Federation. It was increased from 10.5% to 17% per annum in December of 2014, then it was reduced repeatedly up to 11% - but banks are in no hurry to roll back rates. According to the department, distribution of mechanism of state support for automotive manufacturers and automotive components will permit to stabilize the financial situation and to save jobs in the key enterprises of the industry.

At the beginning of 2015 it was allocated 20 billion rubles from the budget for subsidies of enterprises in various sectors. However, the current amendments to the document presume the reduction of the fund by half - to 10 billion rubles. Moreover, according to estimations of Ministry Industry and Trade, the necessarily of the automotive industry in the state support in the framework of this decision will be 1.32 billion rubles, but it does not mean that they will be obliged to restrict this sum.

Automakers estimate positively the initiative of Ministry of Industry and Trade. "The car industry is one of the most capital-intensive industries, which requires the working capital loan. Since November of 2014, we could not afford to take out loans for "turnover" in connection with the prohibitive level of bank rates. Due to some reduction in rates of the Central Bank that occurred this year, we started to borrow from Russian banks. However, the terms of service of loans remain difficult, especially in terms of serious fall in the automotive market, so the state subsidizing of rates on loans for working capital for the automotive industry - is a necessary measure”, - said vice-president of "GAZ Group", Elena Matveeva.

KAMAZ also noted that high interest rates have forced them to abandon their loans, but now they will be able to use them again. "After the raising of interest rates, we do not take credit, but instead of it we placed the bonds for 15 billion rubles. Subsidizing of interest rates will help us to return to this tool and, above all, to raise funds for business development - the modernization of production and the new model range", - said Oleg Afanasyev, the director of public relations of KAMAZ.

The Ministry of Industry and Trade refused to clarify how much of the funds that were allocated to the program were already used. According to Executive Director, Igor Korovkin, the main recipients of credit subsidies will be traditional Russian motor companies - AvtoVAZ, GAZ, KamAZ and UAZ, because foreigners prefer to lend in their national banks.