OREANDA-NEWS. June 05, 2013. In 2013, Russian Agricultural Bank (RusAg) provided national fishing industry with around RUB 2.7 billion which makes a 50% growth year-on-year. As of May 1, 2013, the Bank`s loan portfolio in the sector reached RUB 16.7 billion.

The growth in lending to the Russia`s fishing industry results from high demand for financial resources from the business, RusAg comes out with an optimized product range adapted to specific features of fisheries, including seasonal nature of the production cycle.

In total, since 2008 the Bank has extended RUB 37.3 billion to finance marine aquaculture development, fish breeding, reproduction of aquatic biological resources, coastal fishing, purchase and building of fishing vessels and other related projects.

RusAg will further expand investment lending to the national fishery thereby promoting its modernization, increase in its production potential and eventually benefiting the economy of the involved Russian regions.