The Supervisory Board of the Sverdlovsk Regional Entrepreneurship Fund (SREF) recently decided to finance elevator updates worth more than $434,000 (US) for the Urals.
Project “Ural Lift” is the first public project to receive financing from the Sverdlovsk fund. The five-year project will enhance the region's economy by improving productivity and decreasimg production costs for businesses.
The fund, established in late 2014, is open to applications from entrepreneurs seeking investments through the Regional Investment Agency Entrepreneurship Support Fund, which finances projects of up to $4 million. Alexei Orlov, chairman of the Supervisory Board of the Sverdlovsk Investment Fund, said the SREF's assets are currently over $1 million.
Eligible applicants must have a minimum of 50 percent in private investment. This standard, which promotes public-private partnerships, is implemented as part of the import substitution program.
Fund officials plan to continue reviewing and selecting projects it will finance.