VEB supports food security, extends credit to meat company

State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank – VEB)” and the Bryansk Meat Company have signed a credit facility agreement worth US$425.8M to implement a project that will Increase capacity of the meat company to raise highly-productive cattle meat breeds. This is the first part of the credit worth US$ 742M approved by the Bank’s Supervisory Board in July 2014.  The project’s total value is US$871.5M and its implementation would make it possible to increase the complex’s capacity to 120,000 tons of top-quality beef per year.  The credit facility will also be used to fund the construction of 31 new farms and to additionally purchase 90,000 heads of highly-productive breeding cattle, agricultural machineries, and 200,000 hectares of agricultural land. The project is of national significance and it is designed to ensure food security and import substitution.