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RUSSIA: Government to Subsidize RUB74 Billion to Animal Breeders

As of today, the issue on additional financing of projects started in the animal breeding last year is almost decided. The amount which is to be subsidized for these purposes will total to RUB74 billion, Elena Skrynnik, the Minister of Agriculture said.

Rosselkhozbank will give credits to the amount of RUB46 billion for completion, reconstruction and reequipment of 331 animal breeding and processing facilities. The corresponding agreement with Sberbank (Savings Bank of Russia) is to be signed this week as well, and it will provide another RUB24 billion.

Apart from that the minister said that the arrangements about financing new projects in the sector of dairy and beef cattle breeding had been reached with the Ministry of Finance as well. Their implementation will require about RUB72 billion.

"We expect that the Russian government will adopt the resolution on prolongation of the investment projects for APK for three years till the end of the next week", - the head of Russian Ministry of Agriculture added.