Russian authorities will allocate additional 6.3 billion rubles to subsidize agricultural loans.

The Russian government has allocated an additional 6.3 billion rubles from the reserve fund to support the preferential lending program for agricultural producers. The federal cabinet's press service reported this. These funds will allow the maintenance of preferential interest rates on previously issued investment and short-term loans for agricultural production and processing. A week ago, the government allocated 34.6 billion rubles for the same purposes.

The preferential lending program for farmers was launched in 2017. Under it, agricultural producers can take out short-term (up to 2 years) or investment (up to 15 years) loans at a preferential rate. Preferential loans with terms of up to one year are issued at 7.1-10.5%. The subsidy covers the difference between the preferential and market rates.

Author: Elina Akhmetova