Russia Allocates Additional 50 Bln Rubles for Subsidized Loans to Farmers and Rural Residents

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The Russian government will allocate an additional 50 billion rubles ($650 million) to subsidize preferential loans granted to agricultural producers and rural residents.

Specifically, over 48 billion rubles will be allocated to support the preferential lending program for farmers. This will maintain a preferential interest rate on 41,500 previously issued loans for agricultural production and processing, as well as for the production of veterinary medicines, feed and food additives, and enzyme preparations.

More than 1.1 billion rubles will be directed to subsidize previously issued preferential loans under the "Comprehensive Rural Development" program. This will maintain a preferential interest rate on 18,000 previously issued consumer loans for home improvement, including connecting houses to electricity, water, and gas supply, sewage and heating systems; developing engineering infrastructure; roof repairs; and building housing in rural areas.