According to experts, import substitution and agribusiness development in Russia depends, in the first place, on effective financing and availability of affordable loans.
According to a survey jointly conducted by Russian Public Opinion Research Center (VTsIOM) and the National Agency for Financial Studies (NACFIN), Russian Agricultural Bank tops the ranking of the most reliable banks as seen by their customers. 99% of respondents considered RusAg as reliable. It also topped the ranking in terms of loyalty: 72% of survey participants said that they will not change the Bank even to get better terms.
Domestic foodstuffs will gradually substitute import foodstuffs in the market.
The agenda of a round table at the State Duma devoted to agribusiness development included issues of the required level of meat, potatoes and vegetables production to avoid a critical situation in the country’s food market.
Russian President Vladimir Putin recommended that CBR in cooperation with Russian Agricultural Bank and other interested Russian credit institutions prepare proposals on banking products aimed to support SMEs’ initiatives, including on realization of social projects in rural areas. These instructions were given following a joint meeting of the State Council and the Presidential Council for the Implementation of Priority National Projects and Demographic Policy that took place on April 21, 2014.
Under new political conditions agribusiness, given its capacity to ensure food independence of Russia, starts playing an increasingly strategic role.
The Government made a decision to comply with a request of RusAg`s CEO Dmitry Patrushev to exclude the Bank from the privatization program. It will be retained under 100% state control to continue providing effective support to the national agribusiness. However, in the near future the company will hardly gain a desired status of state-run corporation which would give it more freedom in actions with no obligations to comply with the Central Bank`s norms and requirements.
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