OREANDA-NEWS. Sberbank took part in the 5th International Agrotechnology Conference "AgroHighTech - XXI Volga's Vector", which was held in Saratov. Andrey Sokolov, Head of Large and Medium Business Development at Sberbank, spoke at the session "Challenges facing Russia's agriculture sector: risks and development opportunities".

Mr Sokolov talked about Sberbank's agriculture programme, the bank's innovative services, and state support measures that apply to the agriculture industry.

"The focus of Sberbank's work with agriculture companies in 2016 is financing seasonal planting and harvesting work. In our opinion, increasing efficiency and using state support mechanisms are the most pressing issues for Russian agriculture," commented Mr Sokolov.

Sberbank was one of the sponsors of AgroHighTech - XXI Volga's Vector".

Since the start of 2016 Sberbank has provided more than RUB 3.2 bln of financing for seasonal sowing work, a 77% increase compared to the same period in 2015. Last year Sberbank provided RUB 72.8 bln of financing in this area, including RUB 7.3 bln in the Volga Federal District.

In 2015, Sberbank launched its product "Crop sector: lending for agricultural producers to perform seasonal sowing work", which is intended for legal entities and individual entrepreneurs who are Russian residents. Loans can be provided before and after this work is carried out. Financing can be used for the following purposes: purchasing seeds, crop defence, fertilisers, fuel and lubricants, materials for repairing agricultural equipment, paying for crop insurance and buying electricity to power irrigation work. The future harvest can be used to secure loans, which are provided for up to three years.