Preferential loan program for LPR farmers to start this year - minister

Preferential loans for replenishing working capital will be available to  agribusinesses in the Lugansk People’s Republic this year, said LPR Agriculture and Food Minister Yevgeny Sorokin.

 

“The loan program is being launched jointly with Promsvyazbank,” Sorokin said. “We’ll test it out by yearend to give an opportunity to our farmers to replenish their working capital, modernize production or retool.”

 

The loan option is important to grain storage, grain transportation and cattle breeding businesses, he said.

 

LPR farmers will also be able to lease agricultural machinery this year.

 

LPR Acting Head Leonid Pasechnik earlier said that more than 40 measures to support agribusinesses and five state programs will be available in the Republic by 2025.

In mid-April, Pasechnik announced that Rosagroleasing would launch mobile offices in the Republic in the near future. The LPR's agricultural potential can enable it to become a key region in ensuring Russia’s food security, he said.

 

On July 9, Rosagroleasing supplied the first batch of 104 pieces of agricultural machinery to the LPR.

 

Earlier this year, President Vladimir Putin  ordered the government to adopt extra measures to support agribusinesses in the new regions in order to boost production.  *i*ie