Allocating 57.5 bln rubles to Russian agro business covers need for preferential loans in 2024 - Agriculture Ministry

MOSCOW. Dec 3 (Interfax) - The Russian government's decision to allocate an additional 57.5 billion rubles to the agro-industrial complex to subsidize loans should fully cover the needs for preferential lending this year, First Deputy Agriculture Minister Yelena Fastova told Interfax.

"We are fully covering short-term and investment loans this year, exiting without debt," Fastova said.

Fastova said that the additional funds were required to subsidize preferential lending owing to the Central Bank of Russia hiking the key rate.

"We have already distributed subsidies, though we have had to remit more owing to the increase in the rate, so the government has allocated monies from the reserve fund," she said.

As reported, the Russian government plans to allocate additional funds to subsidize preferential loans in the country's agro-industrial complex.

"We will allocate an additional 57.5 billion rubles to subsidize these loans. There are about 40,000 of them. This is a very important decision. It is necessary for enterprises and individual entrepreneurs to be able to continue operating successfully," Mishustin said at a meeting with deputy prime ministers on Monday.