OREANDA-NEWS. December 22, 2010.  State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ has started to finance the project to build an industrial complex to raise highly productive cattle meat breeds and to initially process meat in the Bryansk region.

A decision on Vnesheconombank’s participation in implementing this project was made by the Bank’s Supervisory Board on September 30, 2010. The total financing amount will be up to 21 billion rubles. The funds are to be provided in several tranches. Vnesheconombank’s credit is to be extended for a period of more than 10 years and it is to be fully refinanced through using foreign funding sources.

The project provides for building a unique meat cattle raising industrial complex with a rated capacity of up to 48 thousand tons of beef on a live weight basis per year with a livestock population of 100 thousand in the main cattle herd. Agro-industrial Holding Miratorg (Ltd) is the project’s initiator and its operator is the Bryansk Meat Company (Ltd). The project is one of the largest agricultural investment projects of Vnesheconombank (the project’s total value is more than 24 billion rubles).

The project is being implemented with the assistance of the Russian Agricultural Ministry and the Bryansk Region Administration and as part of Russia’s Target Meat Cattle Breeding Program for 2009-2012 and as part of the Bryansk region’s long-term target meat cattle breeding program.

The set-up of a unique full-cycle production of a wide range of high-quality beef would help to significantly reduce its imports. Moreover, the project’s implementation would make it possible to provide the Russian meat cattle breeding sector with top-quality genetic material (up to 30 thousand heads per year).

The project’s implementation would help to significantly increase the Bryansk region’s gross regional product and create more than 2000 thousand new jobs.

The Bryansk Meat Company (Ltd) was established to implement the project to build a complex to raise highly productive meat cattle breeds and a complex to slaughter and initially process cattle in the Bryansk region.