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Largest banks and corporations of China may enter Russian-Chinese Fund for Agro-Industrial Development

30 May 2016

Largest banks and corporations of China (in particular, Agricultural Bank of China, China Construction Bank, ICBC, Sinolight Corporation) may enter the projects of Russian-Chinese Fund for Agro-Industrial Development (RKFAR/RCFAD), created through the involvement of Far East Development Fund (FEDF) and Management Company of Asia-Pacific Food Fund (PRC). The relevant agreement has been signed today in Beijing. It was agreed that Russian agricultural companies for the first time ever will receive quotas for grain supplies to China.

RCFAD capital will amount to a total USD 10 Bln, and at the first stage - 13 billion rubles. At all the stages 90% of the fund capital is to be formed by Chinese investors, and 10% - by Russian. RCFAD is going to provide funding of 10% of projects cost, other 10% – to be provided by projects initiators, and the left 80% of projects cost are bank loans. An option to obtain loans of Chinese banks is planned to be available at the rate of 6% per annum. The total amount of investment attracted by AgriBusiness Fund, including the first allocated capital tranche of 13 billion rubles, may rich 130 billion rubles.

At the moment, under FEDF management, RCFAD is considering 27 projects located in the Far East with total investment over 190 billion rubles. The investment projects are focused on development of crop farming (cultivation of soybean, corn, and rapeseed), livestock (pork production, dairy cattle breeding), infrastructure of Agro-Industry (creation of handling and warehousing facilities). The first deals to be effected in the coming 3 months and to be financed by the end of the year.

Alexey Chekunov, director general of FEDF, mentioned that "Russian-Chinese Fund for Agro-Industrial Development is not an abstracts investment platform, but a practical tool to implement joint investment projects. The Chinese partners have already provided cold store facilities of about 100 million tons of capacity for purposes of accumulating import from Russia. They are located in Qinhuangdao development zone in Beidaihe. To discuss China development strategy annual summer sessions are held in this area with involvement of the key leaders of the country headed by the Chairman of PRC - Xi Jinping. The Chinese partners have formed a strong pool of investors, both financial and industrial. The Far East Development Fund in its turn is going to offer to the AgriBusiness Fund quality investment projects which will allow increase export, activate new agricultural assets, form infrastructure, increase tax collections, create high-efficiency jobs in the territory of the Far Eastern Federal District”.

Ministry for Development of Russian Far East: http://minvostokrazvitia.ru/press-center/news_minvostok/?ELEMENT_ID=4302 

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