News
09.06.2009
Russia's agricultural bank raises credit to grain producers
The Russian Agricultural Bank increased the volume of credit to grain producers by 65% year-on-year as of June 1, the bank's CEO said on Sunday.
Yuri Trushin told the World Grain Forum in St. Petersburg that loans to grain producers comprise almost 20% of the bank's loans portfolio, which totals 550 billion rubles ($17.8 billion).
Trushin earlier said the Russian Agricultural Bank was expected to extend 400 billion rubles ($9.4 billion) in loans to domestic agricultural producers in 2009.
He also said the bank, the country's third largest in terms of equity, could place an additional $1 billion in Eurobonds. The bank placed Eurobonds worth $1 billion at a fixed interest rate of 9% per annum on June 4.
Trushin said Russia still lacks sources of long-term borrowing, forcing the country to seek loans on the international market.
RIA Novosti
