Russian bank subsidises poultry expansion plans
Rosselkhozbank, the Russian Agricultural Bank, owned by the state and Poultry Akashevskaya have signed two more loan agreements for more than 10.5 billion rubles (US$ 350 mln).
The credit will be used to build the sixth and seventh elements of the poultry complex in the Republic of Mari El.
As part of the investment project, a new meat processing plant and six areas containing 16 poultry houses with modern equipment for growing broiler chickens will be built. Commissioning of the sixth stage of the complex is planned for late 2013, and the seventh stage in the first half of 2014.
Production capacity is expected to be more than doubled to reach 180,000 tonnes of poultry. Since funding this project in 2005, Rosselkhozbank has committed credit facilities of more than 15.6 billion rubles.
With the support of the Bank's credit the poultry company has constructed and put into operation a plant for processing poultry, hatchery, feed mill and breeding grounds for birds. By 2014, the total number of employees will exceed 2,500. According to the representatives of the company, the new facility will put "Poultry Akashevskaya" into the top 10 enterprises in the Russian poultry industry.
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