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Agricultural Bank Hands out 100bn Rubles to Finance Farmers

03 August 2012

RUSSIA - In the first half of 2012 the Russian Agricultural Bank, Rosselkhobank, has provided credit support to farmers to carry out seasonal work worth more than 100 billion rubles.

The bank provided loans worth over 62 billion rubles and prolonged loan debt on earlier loans to carry out seasonal work in the amount of 38.3 billion rubles.

In the first half of the year 7900 loan agreements between the Rosselkhozbank and agricultural enterprises were signedand the rate of lending is comparable to 2011.

This year, most of the demand was for complex loans that allow purchase of lubricating materials, seed, fertiliser and spare parts for agricultural machinery. This was about 60 per cent of the total funding.

Loans for the purchase of feed, veterinary medicines and sanitation accounted for 15 per cent, the purchase of corn about 10 per cent, and the purchase of seeds, fertilisers and plant protection was seven per cent.

TheCropSite News Desk

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