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19 Dec, 2008 12:55

Prime Minister flags support for locally made cars

Prime Minister flags support for locally made cars

Russian Prime Minister, Vladimir Putin, has called on the state to subsidise interest rates on loans for Russians who want to buy locally made cars.

This will affect cars which are in the mass demand sectors whose price is up to 350 000 roubles. According to Putin, the size of such subsidies will stand at two-thirds of the Central Bank's refinancing rate. At the same meeting addressing additional measures to stabilize the situation in the Russian car producing industry, he also had good news for foreign carmakers.

“Foreign companies working in Russia also have the right to receive help from the government. Of course this is on the condition of complete implementation of our requirements regarding localization of production.”

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