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Vneshtorgbank and Moscow Food Resource Department will cooperate in the Agribusiness Development national project

15 June 2006

Vneshtorgbank and Moscow Food Resource Department signed a cooperation agreement to implement the Agribusiness Development national project of top priority.

Under the Agreement, the Bank is to render financial support to legal entities run by Moscow agribusiness holding companies and engaged in food production, processing and deliveries to Moscow.

In particular, Vneshtorgbank is to extend investment credits to Moscow agribusiness holding companies, through proprietary funds and external borrowings, for construction, reconstruction and modernisation of livestock complexes - including poultry farming - for up to 8 years.

The Agreement envisages cooperation of the Parties under the Target-oriented programme on integration of wholesale food entities with regional agricultural producers. Such cooperation involves implementation of investment projects with a view to purchase and develop the resource base for agricultural raw materials and foodstuff. In addition, the Agreement sets forth guarantees to be issued by Vneshtorgbank with respect to budget loans made to the Moscow-based wholesale food entities. That will be done to co-finance expenses related to implementation of the Agribusiness Development national project as the financial support to 3-year programmes to supply food to Moscow.

The cooperation between Moscow Food Resource Department and Vneshtorgbank, having ample financial opportunities, will promote successful measures in favour of the domestic agroindustrial complex as a top priority national project. The development of agriculture is an important component of the Russian economic growth, and its active investment support is among Vneshtorgbank's key tasks.

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