Russia is launching subsidized lending for wood processing

At a meeting on forest industry development and decriminalization, Russian President Vladimir Putin gave an instruction to launch subsidized loans for small and medium-size businesses starting from 2021, so that they could re-equip production sites and create value-added wood processing capacities.

According to the President, a special upgrading program for small and medium-size businesses will be supported by the Industrial Development Fund.

“This program should start working from January 1 next year; please provide the required funding accordingly. I am aware that the budget has been mostly finalized but this must be taken into account,” Vladimir Putin said.