Bank Center-Invest, city of Rostov, has taken out a $24.1m five-year loan from the European Bank for Reconstruction and Development (EBRD) to support programs in agriculture, Center-Invest informed today.

The terms of the loan were not disclosed.

The Rostov bank plans to re-loan the funds at 14 to 15-percent interest rates to agricultural manufacturers to increase their circulating assets, buy agricultural machinery, ensure grain storage, and carry out investment projects.