26 Jan 2023 15:31

RusAg Bank allocates more than 58 bln rubles to support Russian dairy industry in 2022

MOSCOW. Jan 26 (Interfax) - RusAg Bank has allocated more than 58 billion rubles in 2022 to support the Russian dairy industry, the lender said in a statement, citing CEO Boris Listov.

The bank supports milk producers and processors, working both with large agricultural holdings and small farms, Listov said.

Over the history of its operations, RusAg Bank has financed 2,400 projects for construction and modernization of cattle complexes totaling 245 billion rubles, the statement indicates. The bank now occupies 32% of the dairy cattle breeding lending market and 28% of the dairy products production market.

In 2023, systemic support for the industry will continue, the CEO said. Priority will be given to projects for construction and modernization of dairy and cattle farms, raw milk production, as well as soft lending for small-scale farming. In addition to financing, the pool of support measures includes implementation of digital technologies, promotion of scientific innovations and implementation of educational projects.

Milk consumption in Russia is about 243 kg per capita per year and is forecast to reach 257 kg by 2030 if the industry's rate of growth is maintained. Consumption is growing due to the growth of domestic production. The share of imports is gradually decreasing.

RusAg Bank was created in 2000 and is owned by the state.

According to Rosstat, farms of all categories in Russia will produce up to 33 million tonnes of milk in 2022, compared to 32.3 million tonnes in 2021, including production of 19 million tons in agricultural organizations compared with 18.2 million tonnes in 2021.