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Russian government approves loan subsidies for agro products processors

September 15, 2014, 16:01 UTC+3 MOSCOW
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MOSCOW, September 15. /ITAR-TASS/. The Russian government has approved subsidizing interest rates on loans to companies processing agricultural products, the government said in a statement Monday, referring to a decision made on September 11.

A company must receive at least 70% of its revenue from sales of processed agricultural products to qualify as a processing company.

The bill will be submitted to the State Duma, the parliament’s lower house.

The Agriculture Ministry is preparing amendments to the agriculture development program to support producers of agricultural products, whose imports has been prohibited for one year in retaliation to Western sanctions, and to fulfill an import substitution plan. The new version of the program will require extra 363 billion rubles, according to the ministry’s estimate.

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