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Russia and China to Launch Huge $10 Billion Agribusiness Fund
This is an enormous amount, exceeding total foreign investment in Russian agriculture to date.
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Russia and China plan to create a Russian-Chinese Far East
Agribusiness Development Fund, signing a memorandum of understanding
to this end on Thursday.
. The ministry's press service told Sputnik
that the fund will have a total capital of $10 billion. A number
of financial institutions, including Russia's Sberbank, will participate
in its operations.
The ministry added that the fund's goal is to stimulate the
production of 10 million tons of grain and agricultural products
annually, starting from 2020.
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According to the document, the sides
agreed to cooperate on joint investment projects in the Russian
territories of priority development, nine of which are located
in Russia's Far Eastern Federal District. These projects encompass
investments in agribusiness, grain growing, processing, storage and
logistics as well as the construction and operation
of agribusiness infrastructure.
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The first EEF is being held in the
Russian city of Vladivostok on September 3-5, as a platform
for dialogue between international investors, the Russian government and
countries of the Asia-Pacific Region.
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Some 72 agreements
of intent and memorandums of cooperation are expected to be signed
during the three-day-event, including 10 on the
development of agribusiness.
