The Russian national development bank Vnesheconombank (VEB) could approve $2.6 billion in loans to agricultural companies this year, the bank`s top management said on Sunday.

"Applications for around 80 billion rubles could be approved by the end of the year," deputy CEO Anatoly Ballo told reporters at the World Grain Forum in St. Petersburg.

Earlier this year, VEB CEO Vladimir Dmitriyev said the bank would allocate 60 billion rubles for agricultural projects, and that agriculture was a priority for the bank`s investment activities.

VEB`s investment in agriculture will focus mainly on projects relating to introducing modern equipment, Dmitriyev said.
sections: Economics