Published on: 2026-07-21
Source: Government of the Russian Federation –
An important disclaimer is at the bottom of this article.
The results of the FRP’s work over the past period were discussed, including preferential loan financing for projects in the medical industry, automotive industry, machine tool building, and manufacturing industry. Also discussed was the fund’s participation in addressing tasks set within the framework of the national projects for technological leadership.
From the transcript:
M. Mishustin: Dear Roman Vasilievich!
You lead an important development institute that helps shape modern high-tech industries in our country. Above all, where they have a cross-cutting effect, contributing to the growth of competencies, labor productivity, and output volume in related sectors.
And for this, you have a wide range of tools at your disposal, including concessional financing, comprehensive project expertise, and assistance in obtaining additional government support in other areas.
Tell us how this work went last year and in the first half of this year.
R. Petrutsa: Dear Mikhail Vladimirovich, speaking about the results of the work of the Industrial Development Fund (part of the VEB.RF group) For the specified period, I would first of all like to note that we started financing 330 new projects, providing industrial enterprises with 110 billion rubles.
Looking at the entire period of the fund’s work since 2015, we have surpassed the figure of 2,200 projects to which we have provided concessional loan financing totaling more than 730 billion rubles. At the same time, taking into account co-financing from companies, the total budget of projects in the manufacturing sectors with our support amounted to 1.3 trillion.
During this time, the fund’s clients have become more than 1,500 unique companies: from small technology firms to large industrial holdings. At the same time, the largest number of projects are in the Moscow region, Sverdlovsk, Tatarstan, and Perm Krai. But the geography of the FRP essentially covers the entire country.
And we would not have achieved so much on our own if it were not for our reliable assistants – the regional industrial development funds, which have been established today in 88 regions of the country. Just last year, they independently financed more than a thousand loans, allocating 43 billion rubles to the industrial business.
For small and significant projects in the regions, we have a joint program with regional funds, where 90% of the funds are provided by the Industrial Development Fund and 10% come from the regional budget, and in April we financed the 400th joint loan with regional funds.
But if we talk about the main criteria of our work, then it is certainly not the number of loans issued. It is the initiated proceedings.
To date, we have surpassed 1,200 projects that have reached the stage of serial production of their products. New plants, factories, and workshops have appeared. Even small projects within our “Leasing” program, where only a few machines are purchased, are now producing modern, competitive, technologically advanced products on those machines.
The milestone 1,200th project under the FRP was the project of the Togliatti-based company “Avtopribor Iskra,” where we provided 567 million under the “Autocomponents” program to establish production of generators for Lada cars and other automakers. Moreover, the program has proven to be quite successful. In 2022, it was launched at the initiative of the Ministry of Industry and Trade as a direct response to the exit of foreign automakers from the Russian market. We addressed the task of creating our own component base for major automakers. And to date, each of the automakers has become our borrower.
But what is remarkable is something else. 80% of the funds received under this program, currently totaling over 100 billion rubles, while the total budget of the projects approaches 300 billion, have been provided to assembly companies – these are small manufacturing companies that have created a reliable independent framework for the auto component industry.
Just yesterday, we crossed another significant milestone – the 1000th project fully repaid funds to the fund. Throughout the fund’s operation, 285 billion rubles have been returned and immediately redirected to finance new projects. This confirms the effectiveness of the chosen loan-based concessional financing mechanism.
This year, the fund has about 70 billion rubles at its disposal, and almost all of these funds come from repayments on previously financed projects.
M. Mishustin: During business trips to the regions, we often see products whose creation became possible thanks to the foundation’s involvement. This is very good. This product is also presented at the largest industrial exhibition “Innoprom” in Yekaterinburg. It is used in the medical industry and pharmaceutical production, automotive manufacturing, machine tool building, communications, mining, and many other sectors.
The President emphasized that one of the key goals is to strengthen Russia’s technological and industrial sovereignty. How does the fund adapt its programs to the tasks set within the framework of the national projects for technological leadership? This is very important. We created a special corresponding map – a decomposition of the existing tasks into specific technologies and plans of industrial enterprises. And what additional incentives for the development of manufacturing industries are provided in the current support tools available to the fund?
Roman Petrutsa, Director of the Industrial Development Fund, at a meeting with Mikhail Mishustin.
R. Petrutsa: Speaking about the new phase of the work of the Industrial Development Fund, it is directly connected with the updated national projects that were launched in 2025 by the President’s directive.
Within the group of development institutions “VEB.RF,” the FRP is responsible for the technological agenda. National projects overseen by First Deputy Prime Minister Denis Valentinovich Manturov and the Ministry of Industry and Trade are a direct mandate of the fund. At the same time, other national projects are formally not ours, but we still see that the projects we finance are closely related to them.
As I have already reported to you, we prioritize the flagship program of the Industrial Development Fund ‘Development Projects’ for products listed in the technological cooperation maps within the framework of national leadership projects.
To this end, the Ministry of Industry and Trade, together with the fund, created a register of NPTL, which includes this product demanded in the industrial sectors. This list is dynamic – it is regularly updated. At the last meeting of the fund’s supervisory board, this list was expanded by 70%, reaching 4,600 items of exactly those products that serve as a navigator for industrialists and are in demand for the country.
And the last significant addition to this list concerns key directions for the country, such as small-scale chemistry, medbiopharma, and mechanical engineering.
The fund is actively involved in a landmark national project – the construction of a train for the HSR. In addition to financing the Ural Locomotives plant, where this train is being built, companies that supply components for this large and significant project are appearing in our portfolio. At the same time, we noticed that among the overall list of component suppliers, there are about a dozen enterprises that we financed in the previous years of the fund’s operation and which are now producing components for the landmark national HSR project on their modernized equipment at their facilities.
The project is funded both through direct financing from the fund and within the framework of a cluster investment platform – the FRP acts as the operator of this mechanism on behalf of the Government.
To date, about 70 projects have been approved within the framework of the cluster investment platform, with a total investment budget of 2 trillion rubles.
I must point out that the preferential loans from the Industrial Development Fund address various tasks. Besides the fact that new productions are being created with our support, we also try to stimulate the sale of Russian industrial products – the so-called policy of smart protectionism.
At the last supervisory board meeting of the fund, a decision was made to create a list of industrial products that are already sufficiently available and produced within the Russian Federation. And if an enterprise — a borrower from the FRP — intends to purchase such equipment, we will not allow the purchase of imports. We stimulate demand, understanding that the country has established enough competitive production of such products.
At the same time, we additionally stimulate demand for Russian industrial products by offering a reduced interest rate. When an enterprise purchases Russian machines, Russian robots, we reduce the rate by two percentage points to a unique 1% loan rate, if 50% of the loan amount is spent on Russian equipment. Thus, by financing one industry, we create an incentive for another.
To date, our enterprises, our borrowers have paid about 400 billion rubles into budgets at various levels. This amount is comparable to the total funds that were allocated to the fund from the budget over the years of our operation. In other words, the funds have paid off. Moreover, the capital of the FRP has been preserved and is directed towards financing projects important for the country and industrialists.
M. Mishustin: It is very important to continue stimulating demand for Russian products, to more actively support the creation in the country of import-substituting industries, among others. To assist in the implementation of investment projects in manufacturing sectors with high added value, in the modernization of enterprises, and in increasing the competitiveness of domestic products. All of these are the fund’s tasks.
And I would ask you to keep these issues under personal control.
Please note; This information is raw content obtained directly from the information source. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.