OREANDA-NEWS. On July 12, 2007 Federal Program on Agribusiness Development and Agricultural Commodities Markets Regulation for 2008-2012 was approved on the Russian Federation Government Session, reported the press-centre of Russian Agricultural Bank.  

In the framework of the program RUR 500 bln. is to be extended to agribusiness. By 2012 70% of the agricultural production on the Russian market should be produced in the Russian Federation.

The main purpose of the program is financial stability of the agricultural producers.
Objectives of the program are:

- Steady development of the rural areas, increase in employment and standard of leaving of the rural population.

- Upgrade of competitiveness of domestic agricultural production based on financial stability and modernization of agribusiness, accelerated development of priority sub-industries of agribusiness in order to substitute import.

- Preservation and reproduction of the land and other natural resources used in agribusiness.
Russian Agricultural Bank, as the only agricultural State owned bank, is expected to play considerable role in implementation of the Federal Program on Agribusiness Development. For this purpose in 2008 – 2010 its authorized capital will be increased on RUR 9,7 bln.