The Program is designed to support projects implemented in Russia on the basis of project finance (Government Resolution No. 1044 entered into force on 23 October 2014 (as amended by Government Resolution No. 154 entered into force on 21.02.2015)) and develop a mechanism of support of such programs which contributes to increasing of crediting volumes of real economy on a long-term and privileged basis.

The criteria for selecting investment projects are:

a)the project should be realized on a project finance basis

b)the progject site should be situated in Russian Federaion

c)the project should clomply with The main activities of the Government of the Russian Federation for the period till 2018 in one or several of following prioritized fields:

• agriculture (including provision of services in this sector);

• manufacturing, including food production;

• chemical production;

• machine-building industry (aeronautics, shipbuilding, automotive and others);

• housing;

• transport complex, including air transport (airports, airlines, transport infrastructure);

• communications and telecommunications;

• production and distribution of electricity, gas, water and other resources;

d)the total cost of the project, defined as the sum of all costs for the investment project, except for interest on loans, should not be less than RUB 1 billion and not more than RUB 20 billion;

e)financing may cover up to 80 percent of the total cost of the investment project at the expense of borrowed funds.

The IIB,acting the authorized bank, in accordance with its internal regulations may introduce additional requirements for investment projects (including requirements regarding project effectiveness, etc.), subborowers (including their organizational and legal form, financial condition, etc. .), as well as to carry out control over the proper use of credit funds.

The Program establishes the following basic conditions for granting credit facilities with a view to the implementation of investment projects:

• Loans are granted in Russian rubles;

• The interest rate shall not exceed the key rate of the Bank of Russia plus 2,5% per annum;

• the credit agreement must include the right of an authorized bank to change interest rate on the loan only subject to change of the key rate set by the Central Bank of the Russian Federation, and within the range of its change.

• The loan under the Program is an allocated loan and can be used solely for the purposes of financing the investment project selected for participation in this program.

The appliacant (the initiator of the investment project) and the final borrower must meet the following requirements:

a)it should be registered as the legal entity in the Russian Federation;

b)there should be no overdue taxes, duties and other compulsory payments to the budgets of the budgetary system of the Russian Federation, including the state budget funds;

c)there should be no initiated bankruptcy procedures in accordance with the legislation of the Russian Federation on insolvency (bankruptcy);

d)the controlling person and the borrower should not be registered in the state or territory which provide preferential tax treatment (or) do not provide for the disclosure and provision of information on financial operations (offshore zones), as stated by the list of offshore zones approved by the Ministry of Finance of the Russian Federation.