OREANDA-NEWS. December 19, 2014. Dmitry Patrushev, Chairman of the Board and CEO of Russian Agricultural Bank, and Igor Orlov, Governor of the Arkhangelsk region, signed a Cooperation Agreement in the framework of the State Program on Agribusiness Development and Market Regulation for Agricultural Products, Raw Materials and Foodstuffs 2013-2020.

The Agreement is aimed at developing cooperation towards ensuring Russia’s food security and increasing competitive advantages of local products in domestic and foreign markets.

Pursuant to the Agreement the Bank will expand the financing of the priority agribusiness sub-sectors, including through investment loans for the upgrade of machinery and technology of regional agribusinesses.

For its part, the Region’s Administration will ensure financing of the implementation of the State Program on Agribusiness Development from budgetary and non-budgetary sources, provide state-issued performance guarantees for agricultural producers – borrowers of the Bank, and take measures for timely compensation of part of loan interest expenses.

The Agreement implementation will allow to increase output and sales of agricultural products, and create favourable market access for agribusiness producers.