Lending for seasonal field work in Russia’s agriculture rose 29.4%

Lending for seasonal field work in the Russian agricultural sector this year rose by 29.4 percent. The Agriculture Ministry said that as of December 8, 2016, farmers received access to credit facilities to the tune of RUB306.27 billion (USD5.05 billion), which is 29.4 percent more than in the corresponding period of the prior year. In particular, the Russian Agricultural Bank (RusAg) issued loans in the amount of RUB225.53 billion (up 35.1 percent) (USD3.72 billion), and Sberbank in the amount of RUB80.74 billion (up 15.9 percent) (USD1.33 billion). The Agriculture Ministry said that in the previous year, agricultural companies and organization were issued loans in the amount of RUB262.72 billion (USD4.33 billion) for field work. In particular, RusAg extended credit facilities to the tune of RUB189.92 billion (USD3.13 billion) and Sberbank in the combined volume of RUB72.8 billion (USD1.20 billion).

 

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