OREANDA-NEWS. December 31, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Chechenagroholding entered into a credit agreement on extending financing for implementing the investment project aimed at creating an agro-industrial complex in the Chechen Republic.

The Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo and – by OJSC Chechenagroholding General Director Ahmed Dachiev in the presence of Chechen Prime Minister Odes Baisultanov.

The project is aimed at rebuilding and developing the agro-industrial complex in the Chechen Republic and it includes the following sectors: meat and dairy stock-raising, sheep breeding, meat and pedigree horse breeding, poultry farming, plant growing, industrial fish breeding.

The project’s total value is 6.8 billion rubles including credit resources worth 5.3 billion rubles raised by Vnesheconombank. The project’s financing period is 10 years.

The project provides for a full cycle agricultural products manufacturing – from fodder growing and fodder conservation to building their own stock-raising and plant growing products processing facilities as well as for a large-scale recultivation of lands and restoration of qualitative characteristic of livestock population. The project’s implementation will result in building more than 180 agricultural and infrastructure facilities.

The project is being implemented under the Republican Target Program of Socio-Economic Development of the Chechen Republic for 2008-2011 and the Program of the Chechen Republic’s Innovative Development for 2009-2012.

It’s for the first time that Vnesheconombank is participating in implementing an investment project in the Chechen Republic. Vnesheconombank’s participation in implementing the project will boost sustainable socio-economic development, ensure food security and strengthen stability in the Chechen Republic as well as create 3 thousand new jobs and help to promote the development of subsidiary plots and related production facilities.