July 21, 2011

Russian Agricultural Bank gives livestock sector financial support

This year, Russian Agricultural Bank (RusAg) increases lending to livestock industry especially on technical and technological re-equipment of livestock breeding and poultry compounds.

The most significant amount of lending for livestock sector development was provided in the Altay Region, the republic of Tatarstan, Ingushetia, Chechen Republic and the Kabardino-Balkarian Republic, Bryansk, Tula and Vologda Region. In each of these regions, the amount of loans extended for the period was minimum RUB100 million (US$3.6 million).

In January-June 2011, for construction and modernisation of animal breeding and poultry complexes RusAg extended RUB9.5 billion (US$339.5 million), which is a 24% growth compared to the same period of 2010. The bank's total loan portfolio that includes loans for technical and technological modernisation of animal breeding and poultry complexes reached RUB129 billion (US$4.6 billion) as of June 1, 2011, an on year growth of more than 12%.