The Russian government will allocate about ₽10 billion to lending to the agricultural sector

The Russian government has allocated additional 10 billion rubles to the authorized capital of Rosselkhozbank for lending to farmers, according to the website of the Cabinet of Ministers.

"The funds envisaged by the government will enter the authorized capital of Rosselkhozbank - the main lender of domestic agricultural enterprises. This will allow the bank to increase the volume of loans, including those under concessional programs, providing for subsidized interest rate," - said in the message.

The government expects that it will be easier for Russian exporters of agro-industrial complex (AIC) products to attract financing due to allocation of additional budget funds for crediting of agro-sector.

Moreover, the decision will help to raise the volume of lending to agrarians-exporters to 196.8 billion rubles in 2021, which in turn will serve to fulfill the goals of the federal project "Export of Agricultural Complex Products", the Cabinet added.

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Author: Karina Kamalova