17 Dec 2010 15:38

Russian farm sector to get about 150 bln rubles in loans for spring sowing

MOSCOW. Dec 17 (Interfax) - Russia's farm sector will receive about 140 billion-150 billion rubles in loans to conduct the spring planting in 2011.

"We received confirmation from banks on lending for spring field work totaling 140 billion-150 billion rubles," Agriculture Minister Yelena Skrynnyk said in Moscow on Friday at a conference on raising the effectiveness of state support for small-scale agriculture.

The Agriculture Ministry is negotiating an interest rate reduction with the banks, she said. "Rosselkhozbank confirmed at a meeting that its rate will be 9%," she said. "Therefore, if you have difference data, I asked you inform us, so that we know what the actual situation is," she said.

Sberbank Russia is carrying out similar work on investment loans for its premium clients, she said.

It was reported earlier that because the winter sowing was curtailed owing to the drought, the spring sowing will be expanded to include 30 million hectares, up from 29.5 million ha.