6 Sep 2023 14:34

Russia's Agriculture Ministry expects to resume preferential lending to agro businesses by end of year

MOSCOW. Sept 6 (Interfax) - Russia's Agriculture Ministry could resume preferential lending to agro businesses by the end of the year, and issuances of mortgages could begin as of the New Year, Agriculture Minister Dmitry Patrushev said on Wednesday at a joint meeting of the State Duma committees on oversight and agrarian issues.

The program for providing preferential loans to agro businesses was halted after the Central Bank of Russia hiked the key rate.

"We will provide preferential loans to agricultural enterprises, as well as investment loans and short-term loans, by the end of the year. We are currently seeking resources, and I think that lending should begin after some time in the countryside, though I will not indicate the timeframe," Patrushev said.

Patrushev also said that issuances of rural mortgages could resume as of the New Year.

"Our obligations on previously issued loans have increased when accounting for the hike in the key rate. Nevertheless, we are in the process of agreeing on the budget; will receive funds; and will start issuing loans in the New Year," Patrushev said.