RUSSIAN-CHINESE FUND FOR AGRO-INDUSTRIAL DEVELOPMENT OFFICIALLY REGISTERED
17 August 2016
The idea of establishing the fund was announced at the first Eastern Economic Forum, the Ministry for the Development of the Russian Far East said in a press release.
The Russian-Chinese Fund for Agro-Industrial Development has received a certificate on the state registration of a legal entity. It was established with the support of the Far East Development Fund and the Asia-Pacific Food Fund Management Company (China).
The fund was established as a result of agreements on the joint development of agricultural production in the Far East reached by the Ministry for the Development of the Russian Far East and China’s National Development and Reforms Commission. The agribusiness fund will have capital of up to USD 10 billion and RUB 13 billion during the initial stage. Chinese investors will generate 90% of the fund’s capital, while Russian investors will make up 10%.
“The Russian-Chinese Fund for Agro-Industrial Development is a strategically important project that will help to attract an enormous amount of Asian capital and realise unconventional opportunities in agricultural development in the Far East”, Russian-Chinese Fund for Agro-Industrial Development CEO Alexei Chekunkov said.
The joint fund’s first projects will be presented at the second Eastern Economic Forum. Roughly thirty agricultural projects are currently under consideration for implementation in the regions of the Far East.