Russian banks issue interest-free loans to support employment

Russian banks have issued 50 billion rubles in interest-free loans in an attempt to help companies maintain their employees rather than firing them, according to the Economic Development Ministry. The preferential loans were received by enterprises in industries such as metallurgy, mechanical engineering, transport and furniture building, said the ministry, while funds were also made available to companies involved in the production of socially essential products. “According to monitoring data for 39 banks that have signed an agreement with the Economic Development Ministry, as of May 22, 50 billion rubles were issued under 18,200 contracts for interest-free loans to support employment,” the ministry wrote in a statement.