EDB is put on the list of agribusiness concessional lending programme participants

08 September 2017

Moscow, 8 September 2017. The Ministry of Agriculture of the Russian Federation has put Eurasian Development Bank (EDB) on the list of organisations authorised to take part in concessional lending to RF agribusinesses.

EDB is an only International Financial Organisation pre-qualified for this programme. On balance, there were 17 requests submitted for recognition as authorised banks: 16 requests from banks and 1 request from an international development institution – EDB.  It is stated so in the Ministry’s official press release. It is also highlighted there that in a meeting of the steering commission on additional selection of credit organisations authorised to take part in concessional lending to agribusinesses, Igor Kuzin, Deputy Minister of Agriculture of the Russian Federation, noted that, according to the new rules for the concessional lending mechanism, International Financial Organisations could also be full-fledged participants of the new state support mechanism.

Following the examination of requests, the pool of the programme participants, in addition to EDB, includes 15 banks: SOVCOMBANK (Kostroma), Zapsibkombank (Tumen), Almazergienbank (Yakutsk), SAROVBUSINESSBANK (Sarov), URALSIB Bank (Moscow), Kuban Credit Commercial Bank (Krasnodar), Levoberezhny Bank (Novosibirsk), SKB-Bank (Ekaterinburg), Center-Invest Commercial Bank (Rostov-on-Don), CHELYABINVESTBANK (Chelyabinsk), AVANGARD Joint-Stock Commercial Bank (Moscow), LOCKO-Bank (Moscow), SMP-Bank (Moscow), MTS-Bank (Moscow), and Vostochny Commercial Bank (Blagoveshchensk).

Additional Information:

Concessional lending. Starting from 1 January 2017, agricultural producers, organisations and individual entrepreneurs engaged in production, processing and/or sales of agricultural produce can get a short-term or an investment loan at one of the banks authorised by the Ministry of Agriculture of the Russian Federation at an interest rate of no more than 5%. The revenues foregone are compensated to the credit organisation directly from the federal budget at the key rate of the Bank of Russia. Read more online.

Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

EDB Media Center:
+7 (727) 244 40 44 ext. 6147 (Almaty)
+7 (495) 645 04 45 ext. 2732 (Moscow)
e-mail: pressa@eabr.org

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