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RUSSIAN AQUACULTURE HAS RECEIVED "GREEN" SUBSIDIZED 750 MILLION RUBLES LOAN FROM MKB
19.01.2022

PJSC "Russian Aquaculture" (hereinafter referred to as the “Company”), the largest Russian company in the commercial fish farming (aquaculture) sector, announces that it has received a “green” subsidized loan from PJSC "CREDIT BANK OF MOSCOW" (MKB) in the amount of 750 million rubles.

Credit Bank of Moscow (MKB) has provided financing to the Group of Companies "Russian Aquaculture" in the amount of 750 million rubles as a part of the state Program for subsidizing agricultural producers under Decree No. 1528.

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, wh ere 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.