Russian government to allocate farmers 20 bln rubles in preferential loans

MOSCOW. Feb 12 (Interfax) - The Russian government will allocate an additional 20 billion rubles in preferential loans to farmers, Prime Minister Mikhail Mishustin said at a meeting with deputy prime ministers on Monday.

These funds will make it possible to obtain investment and short-term loans at a reduced rate, he said. "The funds can be used for seasonal field work, which is very important today, when preparations for the spring sowing campaign have already begun in Russia's regions," the PM said.

These subsidies will allow farmers to attract over 804 billion rubles in loans on preferential terms for seasonal fieldwork, the government's Telegram channel said.

The Prime Minister also said that such financing would make it possible to implement large investment projects, not only to increase production volumes, but also to increase the processing of agricultural raw materials at domestic facilities.

"Resources must be quickly provided to farmers, and I ask you to make sure this task is implemented properly," Mishustin said.