Russian Agricultural Bank JSC (RusAg JSC ) and the Ministry of Agriculture of the Russian Federation signed an agreement on joint implementation of the program of preferential crediting of agricultural enterprises. According to the new subsidy procedure in 2017, partial reimbursement of interest on loans will be provided directly to authorized credit institutions. As a result, banks will be able to lend to agricultural producers at a rate of no more than 5% per annum, which will simplify the procedure for obtaining state support.
RusAg JSC became the first of the banks (participant of the program) that concluded an agreement with the Ministry of Agriculture of Russia. In the near future, the Bank is ready to issue the first funds in accordance with the new order.
RusAg JSC consistently supported the development and implementation of new order, repeatedly noting the need to change the previous procedure. We believe that the new order, in the form in which it is implemented, will significantly improve the effectiveness of state support, and, most importantly, relieve agricultural producers of long-term procedures for obtaining subsidies. For its part, the Bank, as a key creditor of the agro-industrial complex, is completing all the necessary procedures to ensure uninterrupted and maximum operational financing of agricultural producers, taking into account their current needs," said Dmitry Patrushev, Chairman of the Board of RusAg JSC.
Reference: Russian Agricultural Bank JSC is the basis of the national credit and financial system for servicing the Russian agro-industrial complex. The bank was founded in 2000 and today is the key creditor of the country's agro-industrial complex, it is one of the largest and most stable banks in the country in terms of assets and capital. Also, RusAg JSC is the leader in the reliability rating of the largest Russian banks. 100% of the voting shares of the Bank are owned by the Russian Federation.
