Preferential financing of loans for electronics manufacturers is suspended
The preferential financing of loans for domestic manufacturers of electronics was suspended: the program was launched in 2022 to buy an electronic component base in the conditions of sanctions restrictions. The main reason for freezing the program “Kommersant” among electronics manufacturers is a high key rate. At the same time, a reduction in financing can lead to a decrease in investment in expanding production capacities, they warn.
Financing of preferential loans for domestic manufacturers of electronics and telecom equipment by decree of government No. 407 of 2022 was suspended, Two top managers of equipment manufacturers told Kommersant. The Kommersant’s mincifers confirmed that this year financing of preferential loans for domestic manufacturers of electronics is not provided. According to the representative of the ministry, funds for subsidizing preferential loans were allocated from 2022 to 2024. Due to this measure of support, the company could acquire an electronic component base, other components and materials necessary for the production of such equipment. The measure was introduced in order to reduce negative consequences from sanctions restrictions on the supply of electronic products to the Russian Federation.
Decree No. 407 entered into force in the spring of 2022. It assumes that manufacturers of electronics and telecommunication equipment can receive in 13 banks (VTB, Sberus, Promsvyazbank, etc.) loans at preferential rates for the purchase of electronic components, and the Ministry of Construction subsidizes the loan rate up to 1-5% per annum. In 2022, according to the Ministry of Cyphra, the total amount of loans under the program amounted to about 100 billion rubles, in 2023 a limit of 140 billion rubles was set.
In November 2023, banks transferred borrowers working within the framework of the decision, from preferential to market rates due to the exhaustion of limits on the program due to the increase in the Central Bank of the key rate. Earlier, the Ministry of Cyphra planned to resume the work of the resolution at the expense of the “exit tax” of foreign companies (See “Kommersant” dated March 5, 2024). The Central Bank reduced the key rate of 6 yuna to 20% for the first time in three years, since the fall of 2024, the rate remained at 21%.
Mikhail Mishustin, Prime Minister, On the Monlectronics-2024 forum in September 2024, a quote on the government website:
“The approach should be, of course, complex. It is necessary to simultaneously invest in electronic engineering, in the production of especially clean materials and electronic components. ”
“Last year, equipment manufacturers received 15 billion rubles, but only in December,” says Kommersant’s source in one of the manufacturers of electronics and confirms the interlocutor in the manufacturer of telecom equipment. Kommersant VTB said that the government’s decree continues to operate, and the bank to work within its framework. In Alfa-Bank, PSB, Rosselkhozbank, Sabere, T-Bank did not answer Kommersant. In the Aquarius, Irtee, the Consortium Telecommunication Technologies, they refused to comment, the Ministry of Industry and Trade redirected the issues of Kommersant to the Ministry of Cyphra.
The main reason for the financing stop was the high key rate of the Central Bank, says Oleg Emeraudes, director of the consortium of Russian developers of data storage systems.
The interlocutor of Kommersant agrees with him in one of the manufacturers of telecom equipment: “Many companies expected this money, as a result, this may lead to reductions in plans for the development of new equipment.”
Preferential loans from the Ministry of Construction could afford a small number of Russian manufacturers of electronics, since under the terms of the subsidy the loan should start from 3 billion rubles, says Maxim Koposov, director of Probit (produces computer equipment under the Bitblaze brand). “Small manufacturers of computer equipment cannot afford similar amounts, so Yadro, Aquarius, ICL and other large companies used benefits,” he adds.
However, according to Mr. Koposov, now even large electronics manufacturers are in a financially difficult situation, so this subsidy can support the company. In the absence of subsidies, many large manufacturers of computer equipment can look for alternative financing methods, including the sale of a share in the company, he says.
“We proceed from the fact that the volume of support in 2025 will be not lower than the level of 2024. In the current macroeconomic conditions, while maintaining high interest rates, the lack of timely financing can really slow down the rate of investment in expanding production capacities and developing technological sovereignty, ”says Alexander Ponykin, Director of the design activity of Yadro.
