The Russian government will allocate 3.5 billion rubles from the reserve fund to provide credit support to backbone organizations in the media industry, Mediagiude.ru reports.

Support will be provided to: media holdings; large TV channels and radio networks; publishing houses and printing companies; outdoor advertising operators; organizations that provide technological support for the functioning of the media industry.

Banks that will be accredited for their concessional lending will receive a subsidy from the allocated funds.

“This measure will allow attracting up to 39 billion extra-budgetary funds to the media industry on preferential terms. It will provide an opportunity to support backbone media companies in the current environment, save jobs, avoid cash gaps and stimulate economic activity in the media industry,” comments Bella Cherkesova, Deputy Head of the Russian Ministry of Digital Development.

The list of backbone organizations in the media industry includes 57 enterprises.