OREANDA-NEWS. April 14, 2014. Growth of domestic agribusiness output, introduction of processing and sales facilities is the only way to accomplish the task of substituting foodstuffs import and ensuring national food security on the whole, Dmitry Patrushev, Chairman of the Board and CEO of Russian Agricultural Bank, said at a discussion forum “Agribusiness development as a factor of providing Russia’s food security and improving rural living standards”.

Russian Agricultural Bank (RusAg), being the key financial institution for agribusiness development, plays a significant role in implementing the state food security policy. Financing provided by the Bank for long term investment projects and seasonal field works, ensuring availability of lending in complex climatic and economic conditions have secured high growth rates of domestic agricultural production, which increased 6.2% in 2013.

In 2013, lending provided by the Bank to agribusiness rose 46% as compared to 2012. Overall, since the start of implementation of the National Priority Project “Agribusiness Development” and in the framework of State Programmes on Agribusiness Development RusAg has provided 1.7 million loans that added up to RUB 2.5 trillion. The Bank has financially supported the implementation of 4,555 investment projects on construction, overhaul and renovation of agribusiness facilities.

“Establishment of new production facilities in the regions and implementation of investment projects will allow to fully use Russia’s agricultural potential, provide population of rural areas with jobs and decent salaries, improve residential and social infrastructure. I believe that the Bank will continue to make tangible contribution to the industry development and, as a result, will encourage people to live and work in rural areas towards the welfare and progress of our state”, Dmitry Patrushev said.