Russian Agricultural Bank (RusAg) provided agricultural producers with financing under the new mechanism of concessional lending at the rate not exceeding 5% per annum. The Bank was the first among authorized credit institutions to start lending under this program.
Ensuring prompt accept of loan applications from farmers, drawing up registers of potential borrowers and approval of the projects with the Ministry of Agriculture of Russia, RusAg has already provided funding under the new program in total amount of about 3 billion rubles. The subsidized lending procedure launched in 2017 helps to significantly streamline the process of financing agribusiness borrowers. Now, enterprises do not need to immobilize working capital and go through a lengthy process to get a subsidy. This measure strongly enhances the efficiency of the state support of the industry.
General information: Russian Agricultural Bank JSC is the basis of the national credit financial system, specializing in banking services for agricultural sector in Russia. The bank was established in 2000 and is a key creditor of the country’s agribusiness. It ranks among the top major banks of the country in terms of assets and is one of the leaders of the Russian bank reliability rating. 100% of the voting shares of the Bank belong to the Russian Federation.
