Credit Bank of Moscow (MKB) has lent 750 mln roubles to Russian Aquaculture Group under the Decree 1528 state subsidy programme for agricultural commodity producers.
The programme seeks to make borrowings more affordable for agribusinesses and alleviate their financial burden. With the Ministry of Agriculture subsidising 80% of CBR’s key rate, the programme offers preferential fixed interest rates from 1% to 5% per annum.
The proceeds will finance Russian Aquaculture Group's operations in Murmansk Region, where its main fish farming and processing facilities are located. The Group's factory is certified under the international standards of sustainable fishery by the Marine Stewardship Council (MSC) and the Aquaculture Stewardship Council (ASC). In accordance with MKB's taxonomy of sustainable financing, this project qualifies as "green".
"State support programmes become increasingly popular and strongly help agricultural producers grow and evolve. MKB favours financing under state support programmes. This is one of our strategic areas of development, – says Natalia Bakhova, director of MKB's Trade Finance Department, – We plan to expand this relationship in 2022 by financing the purchases of stocking material and fish food".
"We are delighted to have obtained an investment loan under the Ministry of Agriculture's programme. This is our first preferentially priced long-term loan. With preferential lending programmes and reliable partners such as MKB, we can confidently carry out our ambitious growth strategy and import replacement mission, while keeping our business financially sound", – noted Andrey Baranov, CFO of Russian Aquaculture Group.