December 23, 2010

Russia to fund World Bank's food security project

Russia will grant up to US$22.5 million between 2010 and 2014 to the World Bank to develop an agriculture and food security project, the government said Wednesday (Dec 22).

Russia will grant US$4.5 million to the World Bank in 2010, US$6 million in 2011 and 2012, US$4 million in 2013 and US$2 million in 2014 to support a joint research on agriculture development in Central Asia.

The government will also grant up to RUB177.1 million (US$5.78 million)to the Moscow University in 2010-2014 to establish a food security and stable agricultural development department. It will conduct research on the influence of various factors on agriculture of Eurasia and develop recommendations to increase its efficiency and use natural resources rationally.