January 28, 2008

Russian Agricultural Bank to invest US$122.5 million into poultry farming
 

State-owned Russian Agricultural Bank, Rosselkhozbank, has earmarked RUB 3 billion (US$122.5 million) to stimulate poultry farming in the Sverdlovsk Region, Eduard Rossel, the region's governor, told reporters on Friday (January 25, 2008).

Rossel said the funds would be used to create a large poultry holding firm called Severnaya, which will include five regional poultry farms that have nearly stopped operation.

Rossel explained that the creation of a holding company was necessary to revive the poultry-farming sector.

The founders of the holding will be the regional government and Uralbroiler, a poultry-farming company. The project is expected to be carried out within three years.

Severnaya will produce 62,000 tonnes of poultry annually once it reaches the planned capacity.

There are currently 14 poultry enterprises in the Sverdlovsk Region. The region's farms produced over 1.1 billion eggs and more than 87,000 tonnes of poultry in 2007.