Russia’s Industrial Development Fund approved RUB1.84 billion ($22.2 million) in subsidised loans on Friday, November 13, for two three-deck paddlewheel cruise vessels to be built in Nizhny Novgorod region for Gama.
Rosagroleasing will receive RUB921.5 million per vessel at one per cent annually over 25 years, covering approximately 97 per cent of construction costs, the fund said.
Rosagroleasing will lease the completed vessels to Nizhny Novgorod-based Gama at a weighted-average annual leasing rate of 4.5 per cent.
The vessels will be built by Chkalovskaya Verf and Meta-Kom Plast, RBC reported.
The approvals are the first under the fund’s ship leasing programme, launched on August 24 to support vessel construction at Russian yards.
Each vessel will accommodate up to 180 passengers in 74 cabins, providing combined capacity for 360 passengers on Golden Ring itineraries. Passenger facilities will include a restaurant, bar, panoramic lounge, spa, gym and open sun deck.
Gama already operates Zolotoye Koltso and Aurum, the latter delivered by Lotos Shipyard in 2024, on services between Moscow, Nizhny Novgorod, Yaroslavl and Kazan.