Ukraine launches low-interest loans program to boost its arms production  

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The Ukrainian government has launched a preferential lending program to assist domestic arms manufacturers to increase production and accelerate deliveries to the .
reported that Ukrainian Minister of Strategic Industries Herman Smetanin stated that the Ukrainian government launched on 5 November a preferential lending program for Ukrainian manufacturers of arms and .
The government expects that under the program, domestic enterprises will be a better position to produce more arms and deliver them more quickly to the military.
According to Smetanin the interest rate on loans for manufacturers will be at 5%. The budget will cover the remainder.
The loan amount is up to $ million in working capital for up 3 years, and up $11 million in projects for 5 years.
These funds can be used to develop, produce, repair, modernize, and dispose of weapons, military equipment, special equipment, ammunition and their components, as well as other military-purposed products, in order to meet the requirements of the Ukrainian Defense Forces.
The program is available to those enterprises that have been identified by the Ministry of Strategic Industries as being critical for the economy’s functioning during a certain period in the defense industry.
The program was created in response to the demand for affordable loans by Ukrainian defense industry companies, especially private ones to produce arms and other military equipment. Currently, interest rates on loans are high and make them unaffordable for many companies.
In order to scale up production and advance , companies require more working capital.
In response to recent Russian rocket attacks, the US and have joined forces with Romania, Netherlands and Italy to strengthen ‘s air defenses by providing strategic systems and interceptors.

 

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