RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of November 17, 2004 No. 1563

About approval of the Procedure for provision of financial support to subjects of innovative activities at the expense of means of the government budget by reduction in cost of long-term loans

The Cabinet of Ministers of Ukraine decides:

1. Approve the Procedure for provision of financial support to subjects of innovative activities at the expense of means of the government budget by reduction in cost of long-term loans which is attached.

2. This resolution becomes effective since January 1, 2005.

Approved by the resolution of the Cabinet of Ministers of Ukraine of November 17, 2004, No. 1563

Procedure for provision of financial support to subjects of innovative activities at the expense of means of the government budget by reduction in cost of long-term loans

1. This Procedure determines procedure for granting of financial support to subjects of innovative activities (daleesubjekta) at the expense of means of the government budget by partial compensation of interest rate for attracted with them in national currency to implementation of innovative projects which are registered according to the Law of Ukraine "About innovative activities", with bank long-term loans (further - compensation).

The loan attracted on one - is considered three years long-term.

2. Subjects to which compensation is provided are determined annually on competitive basis, and compensation amounts - in borders of the means provided by the law on the government budget for the corresponding year.

Compensation is carried out provided that the rate on the credits of banks does not exceed 18 percent.

3. For carrying out tender the working group which structure joins representatives of MON, Ministry of Economics, Ministry of Finance and National Bank is formed (in consent).

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