OREANDA-NEWS. September 22, 2009. In the course of the 8th International Investment Forum “Sochi-2009” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Government of the Chechen Republic signed an Agreement on Cooperation in implementing the priority investment project “The Creation of Agro-Industrial Complex in the Chechen Republic”.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Government of the Chechen Republic - by the Chairman of the Government Odes Baisultanov.

The Investment Project is designed to rebuild and develop the agro-industrial complex in Shelkovskoi and Naursky regions of the Chechen Republic and includes the following sectors: meat and dairy stock-raising, sheep breeding, meat and pedigree horse breeding, poultry farming, plant growing, industrial fish breeding.

The Project was initiated by the Government of the Chechen Republic. Chechenagroholding (LLC), a specially established company, is to be responsible for implementing the Project.

The Project’s total value is 6.8 billion rubles, including Chechenagroholding’s own funds of 1.5 billion rubles and credit resources of 5.3 billion rubles to be raised by Vnesheconombank. This investment project’s implementation period is 10 years.

The parties agreed to set up a working group to coordinate joint efforts to implement the project.

The implementation of the Agreement would help to promote sustainable socio-economic development, secure food security, create 3 thousand jobs and enhance stability in the Chechen Republic.