The Ministry of Agriculture has suspended accepting applications for preferential loans due to an increase in the key rate

The Ministry of Agriculture of Russia has suspended accepting applications for preferential loans due to solutions Central Bank to raise the key rate from 7.5% to 8.5%. This was announced by Roman Nekrasov, Director of the Department of Crop Production, Chemicalization and Plant Protection of the Ministry of Agriculture.

“With regard to preferential lending, I will not hide, we have certain difficulties. In connection with changes in the key rate, the acceptance of new applications for lending has been suspended for the time being,” Mr. Nekrasov said at the Day of the Field forum, reports Interfax.

At the same time, Roman Nekrasov stressed that the Ministry of Agriculture, together with the Ministry of Finance, is working to increase the funds allocated for concessional lending. Thus, the department plans to extend the work of the program in the future. He did not specify the timing of the suspension of applications.

As part of concessional lending, loans are provided for the development of crop and livestock production, as well as for the construction, reconstruction or modernization of enterprises for the processing of agricultural raw materials. The rate is up to 5% per annum. A short-term loan is issued for up to a year, an investment loan for a period of 2 to 15 years.

In 2023, RUB 16.5 billion was allocated for short-term loans, and RUB 5 billion for new investment loans. Another 136.4 billion rubles. allocated to service obligations under previously concluded loan agreements.