Pursuant to the Russian government objective to improve financial support of manufacturers whose products are used in agriculture and extend its domestic supplies, JSC Russian Agricultural Bank and JSC Acron signed an agreement on January 27, 2009 to facilitate financing mineral fertiliser supplies to the domestic agro-industrial complex in 2009-2010.
Among others instruments covered in the agreement, Russian Agricultural Bank will provide domestic farmers with promissory note-based loans to purchase mineral fertilisers from Acron’s sales network.
Under the agreement, farmers will be able to purchase Acron’s mineral fertilisers using Russian Agricultural Bank promissory notes, which Acron will accept at par value.
Farmers have received information about the opportunity to finance their purchases of mineral fertilisers, and branches of Russian Agricultural Bank are already meeting with mineral fertiliser distributors.