25 Nov 2022 10:35

Russian agribusiness sector received over 720 bln rubles in subsidized loans in Jan-Nov

MOSCOW. Nov 25 (Interfax) - Russia's agribusiness sector has received almost 721 billion rubles in subsidized loans this year, the Economic Development Ministry's press service said, citing Economic Development Minister Maxim Reshetnikov.

"In the first 11 months of 2022, 720.8 billion rubles in subsidized loans were issued to agricultural enterprises, including 525.1 billion rubles in short-term loans. These resources will enable our agribusiness sector to develop and adapt to the new realities," Reshetnikov said during a visit to the Yakutsk Bakery in Yakutia.

The minister also visited Sayuri, one of the few year-round agricultural complexes in the world located in the Far North. The complex has been growing greens, cucumbers and tomatoes since 2017, replacing imports from China.

The Sayuri complex was built with subsidized financing in the amount of 800 million rubles, provided at 5% interest.

"The credit resources were used to build a greenhouse complex. Beginning with a small experimental greenhouse, the complex has grown into one of the largest vegetable producers in the Far East," the ministry said.

There are plans to provide up to 177.1 billion rubles in federal budget funding this year to support subsidized loans for the agribusiness sector, up from 90.5 billion rubles in 2021, the Agriculture Ministry said in an earlier presentation for parliamentary hearings in the Federation Council.