The Russian Agricultural Bank, or Rosselkhozbank, plans to disburse 36.1 billion rubles to finance the government's purchases of grain, the bank said in a statement Friday.

 

On Friday, the bank's supervisory board approved the terms of financing for the grain purchases.

 

The financing will be provided for 36 months and will be guaranteed by the purchased grain, the bank said.

 

The government will start purchasing grain on August 19, according to earlier reports.

 

Also, the bank's supervisory board approved the financial results for January-June on Friday. The bank disbursed loans worth 138 billion rubles in January-June, up 20% on the year. Its total loan portfolio exceed 360 billion rubles as of July 1.

 

The bank's shareholders' equity rose 8% in January-June to 51.9 billion rubles as of July 1.

 

The supervisory board also approved opening a representative office of Rosselkhozbank in Dushanbe, the capital of Tajikistan.

 

Rosselkhozbank, which is owned by the government, focuses on lending to farmers.