Africa could benefit from the experience of the Russian Agricultural Bank to support small business - bank chairman

ST. PETERSBURG. July 27 (Interfax) - Farmers in African countries could benefit from the experience of Rosselkhozbank in supporting small agribusiness, Boris Listov, chairman of the board of the credit organization, said.

"We know that 70% of the population of sub-Saharan Africa is employed in small farms, and most of them face serious problems related primarily to the climatic features of the continent. Under these conditions, assistance to farmers should be comprehensive, both from the state, and from various business structures. One of these structures could be an agricultural bank," Listov said at the Russia-Africa forum in St. Petersburg on Thursday.

As an example, he cited the experience of the Russian Agricultural Bank and its support for "the smallest agricultural producers. As for financial support, then first of all, this is preferential lending for special, very simple and understandable loan banking products with a minimum set of documents," he said. "Non-financial support for small businesses is implemented primarily through the Svoyo digital ecosystem. It includes 7 platforms, and farmers use their services for free." The platform now has 3 million users.

In addition, the bank supports the promotion of farm products on the market using the Svoyo Rodnoye digital platform, where 11,000 farms are already represented. For those who have decided to become farmers, the bank opened a "Farmer School."

"Farmers are becoming increasingly important in ensuring the country's food security; its food sovereignty. Last year alone, the volume of farm products increased 20%," Listov said, expressing his readiness to provide African colleagues with all the necessary information on how to organize the development of small businesses and the industry in general.

The Russian Agricultural Bank was established in 2000 and is owned by the state. During this time, the bank has invested 14 trillion rubles in the development of the agro-industrial complex, Listov said. 5,500 investment projects have been financed and implemented.