Russia's Agriculture Ministry introduces targeted subsidized loans for broiler producers

MOSCOW. Dec 1 (Interfax) - Russian broiler producers will be able to access targeted subsidized investment loans starting December 1.

The Agriculture Ministry said a decree (No. 274) has been drawn up for additional support for this area of poultry farming that calls for expanding targeted use of subsidized investment loans specifically for broiler producers.

"Starting on December 1, 2023, investment loans will be available to producers of broilers and their processed products for the acquisition of machinery and equipment, and construction and reconstruction of poultry farming complexes," the ministry said in a press release. This measure will help to increase broiler production, it said.

The ministry recalled that poultry and egg producers can access a number of other state support measures, including subsidies for insurance of livestock, compensation for a portion of expenses and subsidized investment loans for construction and modernization of breeders in broiler farming, subsidized short-term loans to purchase grain, meal, premixes, vitamins and amino acids, and subsidized investment loans for construction, reconstruction and modernization of livestock farming complexes, among others.

The National Meat Association forecast that poultry meat production in Russia will grow to 5.35 million tonnes in 2023 from 5.3 million tonnes last year.

The Federal Statistics Service reported that agricultural organizations increased poultry production (in live weight for slaughter) by 0.2% in the first ten months of 2023 compared to 4.9% a year earlier. The service did not provide actual production figures.

Production in October slumped 1.3% year-on-year but rose 7.4% month-on-month to 550,500 tonnes.