In 2020, Russian Agricultural Bank (RusAg, the Bank) increased its financial support to agribusiness clients by 24% year-on-year to more than RUB 1.6 trillion. The planned additional capitalization allowed the Bank to significantly increase support for the agricultural sector in the past year. Small and medium-sized businesses (SMEs) segment showed the highest growth rates in lending volumes. Last year, almost every fifth ruble issued by RusAg to agribusiness enterprises was used to finance SME borrowers.
In total, by the end of 2020, SME agribusiness companies received loans in the amount of RUB 260 billion, which is 44% over the level of 2019. Agribusiness SMEs total loan portfolio increased by 21% to RUB 310 billion by the beginning of this year.
Almost a third of the loans issued by RusAg in 2020 to agribusiness customers were directed to seasonal work. For these purposes, the Bank allocated RUB 502 billion (an annual increase of 32%). RUB 53 billion were allocated for the purchase of agricultural machinery and equipment, which is 26% more than in 2019.
As part of the concessional lending program in 2020, agribusiness customers received over RUB 422 billion, which is 57% more than a year earlier.
“I am glad that after 20 years, in our anniversary year, our main customers – agribusiness enterprises – still remain with us. We continue to multiply funds received from the government and direct them to support agricultural sector, which has become especially important and relevant in such a non-standard year 2020. At the same time, we see small and medium-sized businesses as one of the main drivers of the country’s agribusiness development. Therefore we are trying to create conditions that allow us to guarantee the necessary support for this segment of agribusiness enterprises. This implies not only the provision of financial services, but also support at all stages of the farmer’s work. To do this, we have created the world’s first ecosystem for agribusiness, we train future farmers to do business and help in promoting farm products. Russian farming has a great potential for development. And this means that we also have room to grow”, Irina Zhachkina, First Deputy Chairman of the Board at RusAg, said.
Note: Financial data is under RAS
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