OREANDA-NEWS. On May 17, 2007 a meeting of the Supervisory Board of Russian Agricultural Bank headed by its Chairman Alexei V. Gordeev, Minister of Agriculture of the Russian Federation, was held, reported the press-centre of  Russian Agricultural Bank.


“Russian Agricultural Bank is the key agrarian bank of the country and is one of the main instruments facilitating agribusiness development”, underlined Alexei Gordeev in the course of the Supervisory Board meeting. Minister of Agriculture approved Q1 2007 results achieved by RAB.

In the 1st quarter 2007 RAB performed successfully, i.e. RAB extended 63,5 thousand loans to the total amount of RUR 49 bln., put into operation 106 additional sales offices, the number of clients gained 22% and reached 520 thousand and own capital of the Bank advanced to RUR 32,6 bln. In the frames of the National Priority Project RAB extended 41 thousand loans to the amount of RUR 14 bln.


Minister Gordeev highlighted that RAB continued to develop land mortgage system and to support agricultural cooperatives origination in the rural areas. He said that upon adoption of the State Program on Agribusiness Development for the years 2008-2012 RAB would be able to extend loans for construction, reconstruction and refurbishment of animal breeding farms with 10 years tenor.