Russian government confirms $5.6 billion allocation to support shipbuilding

The new version of the state program of the Russian Federation "Development of Shipbuilding and Equipment for the Development of Offshore Fields" was approved by Government Resolution No. 404 of March 18, 2021, and published on March 22, 2021 on the Official Internet Portal of Legal Information, reports Megafishnet.com.

According to the government, the amount of funding for the program from the federal budget has been changed in terms of yearly allocations while the total government support will amount to ca. 423 billion rubles (about $5.6 billion).

The goal of the program is to increase the volume of production of civil ships and marine equipment at the domestic shipbuilding and ship repair organizations by 5 times as compared to the result of 2013. It is also planned to boost the level of localization of manufactured shipbuilding products up to 70%.

As previously reported, this program also covers support of the construction of fishing vessels at domestic shipyards.