Russian agriculture needs an extra €13.3 billion

28-08-2014 | |
Russian agriculture needs an extra €13.3 billion

Due to the recent import ban, Russian agriculture will need an additional injection of €13.3 billion in the next five years, Reuters has reported the Russian Agriculture Minister Fyodorov as saying.

The extra billions are needed to boost the domestic production of pork and chicken, now that these products are not imported anymore as a result of the import ban.

The €13.3 billion comes on top of the funds that were already reserved for the Russian investment plan for agriculture (2015-2020). According to Fyodorov, another extra €590 million are needed to resolve payment issues with investors in the agricultural sector.

The minister already addressed earlier that extra investments in the Russian agricultural sector are needed to secure domestic food production after the ban was implemented. The investments are mainly needed for projects in the livestock and arable farming sectors, because the current subsidies for these sectors are about to expire.

Graumans-Emmy Koeleman