In 8M 2020, Russian Agricultural Bank (RusAg, the Bank) issued over RUB 1 trillion to agribusiness borrowers, which is up 29.4% y-o-y.
In January-August 2020, the Bank’s agribusiness loan portfolio grew 12.9% and amounted to RUB 1.6 trillion, including RUB 303 billion loans to small and medium sized agribusiness enterprises (SMEs). According to the results of 8M 2020, more than RUB 157 billion was issued to farmers in the SME segment (+42.8% compared to the same period in 2019). The volume of long-term loans issued to the agricultural sector amounted to RUB 263.3 billion, short-term loans – RUB 763.0 billion.
“RusAg participates in the implementation of investment projects and allocates significant amounts of funds for current purposes, actively increases financing for the industry, including under the program of concessional lending. We will continue brisk growth of the direction of concessional lending, work on improving the product line both for agribusiness and clients of related industries – these are priority tasks for us”, Irina Zhachkina, First Deputy Chairman of the Board at RusAg, said.
Russian Agricultural Bank, as the main participant of the state program of concessional lending to agribusiness at a rate not exceeding 5% per annum, increased the amount of funds issued in January-August by 47.5% to RUB 241 billion. The Bank is also consistently increasing the volume of financing seasonal works – RUB 297.3 billion was allocated for this purpose since the beginning of the year, which is 35.3% more than a year earlier.
Note: Financial data is under RAS
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