OREANDA-NEWS. April 6, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Evrodon (LLC) entered into a Credit Agreement.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of Evrodon (LLC) - by its General Director Vadim Vaneev.

Under the Agreement Vnesheconombank is to open a credit line worth 2 billion 100 million rubles for a period of ten years. The funds to be made available are intended for financing a project aimed at creating domestic maternal flock for the industrial turkey-breeding complex on the territory of the Rostov region.

The project’s investment stage is about 2 years; projected capacity is expected to be reached in about 2.5 years.

The implementation of this project would make it possible to reduce costs associated with import supplies of biological material from European Union countries and North America. The poultry breeding complex development project on the territory of the Rostov region has been implemented since 2006. The total amount of investment in the first stage of the project was about 50 million euros. All the funds have been extended by Vnesheconombank.

The project’s first stage is completed. The turkey meat production complex was put into operation, with its capacity being 11.2 thousand tons per year. In November 2008, the Evrodon Company started to implement the second stage of the project aimed at increasing the functioning complex capacity to 31.2 tons of turkey meat a year. New production volumes are scheduled to be reached by the end of 2009.

The second stage is also financed through using funds of the credit line opened by Vnesheconombank in the total amount of 3 billion 765 million rubles.

Under the Memorandum on Financial policies agro-industrial complex development is one of the main sectoral priorities of Vnesheconombank’s investment activity.