Tambov Industrial Fund Ranks Second in Russia

In the ranking of 55 Russian constituent entities, the Industrial Development Fund of the Tambov Region showed a high result, securing second place in the number of loans financed jointly with the Federal Industrial Development Fund (FRP). Joint efforts supported five projects totaling 366 million rubles ($3.66 million at current rates). Their implementation is aimed at developing and modernizing production in the following industries:

The success became possible after the head of the Tambov Region, Yevgeny Pervyshov, appealed to Russian President Vladimir Putin regarding the allocation of funds for recapitalization of the fund. As a result, the regional structure received a subsidy of 150 million rubles ($1.5 million at current rates) from the reserve fund of the Government of the Russian Federation.

Deputy Head of the Region Natalia Makarevich emphasized the importance of this area: «The head of the region, Yevgeny Alekseevich Pervyshov, pays special attention to supporting the industrial sector. The development of industrial potential contributes to the economic stability of the region, an increase in tax revenues to the regional budget, and the creation of new jobs.»

The regional industrial development fund provides support to enterprises in the region, facilitates the launch of new production facilities and the release of competitive products. Head of the fund Vitaly Vasechkin noted the advantages of cooperation with the federal center: «Interaction with the federal FRP allows for joint financing of projects in the ratio of 90% (federal) to 10% (regional funds), which allows the fund to finance a significant number of regional industrial projects relying on the «federal shoulder». This mechanism makes it possible to attract additional federal budget funds to the industrial sector of the region.»