The Russian Government has issued a resolution according to which Roseximbank has become an authorized bank under the preferential lending program of the Russian Ministry of Agriculture.

The bank will now collect applications from companies in the agro-industrial complex (AIC) that supply their products abroad (this includes both producers of agricultural goods and those who process them) for short-term pre-export turnover financing at a preferential rate of up to 5% per annum.

In particular, financing will be provided for purchase of sugar beet, grain, flour, powdered milk, meat, wild food forest products grown or produced in the country for processing and export.

One of the main conditions for obtaining credit is to increase competitiveness. Thus, the company must increase exports of its goods by 3% annually during the period from 2020 to 2021 and by 5% during the period from 2022 to 2024.

According to Roman Smagin, Deputy Chairman of the Bank's Management Board, participation in the preferential lending program will enable Roseximbank to offer the most favorable financing terms to exporters of the agro-industrial complex. This, he said, will give an opportunity to increase exports in the industry.

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Author: Ksenia Gustova