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Russian Government Continues Support to Agriculture, Food Sectors

29 September 2014

RUSSIA - The government will support agro-processors until 2021, according to meat company, Cherkizovo.

The changes particularly imply that the government support will be extended to corporate and private agro-processors, reports Cherkizovo. Support will be provided to manufacturers whose share of income from the sale of these products is at least 70 per cent in a calendar year.

The company says the government also has the right to set the amount of federal subsidies to regional budgets for reimbursing part of the interest charges on lines of credit (loans) to processors. This will apply to all loans granted by Russian credit institutions and agricultural consumer cooperatives until 1 January 2021.

Citing the Cabinet's explanatory notes, Cherkizovo adds that enactment of the agro-processing bill will help to meet the challenges of upgrading and expanding production capacity through retrofitting and renovating food production and processing facilities and new construction based on innovative technologies and resource-saving equipment.

ThePigSite News Desk

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