Russian bank starts financing advanced agricultural facility in Dagestan

Rosselkhozbank has granted a loan worth about 3 billion rubles for construction of an advanced agricultural technical park realized by Dagagrocomplex within the framework of the state program for development of the Northern Caucasus Federal District until 2025 and the state program for agricultural development, RIA Novosti reports.

An agricultural technical park will be built on over 20,000 hectares, including storage facilities and processing machines.

20 stores for vegetables, 2 for corn, greenhouses at 6 hectares of land to raise corn will be built in the Kizlyarsky and Tarumovsky Districts of Dagestan. 6,000 hectares of land will be added to cultivation processes in 2013. Facilities for storage of 55,000 tons of vegetables and 50,000 tons of corn will be built.

Gitinomagomed Gajimagomedov, head of the Dagestani regional office of Rosselkhozbank, said that foreign technologies will be used for the project. Russia is developing agriculture to reduce imports of foreign vegetables. Realization of the project will improve infrastructure and open about 2,000 workplaces.

Rosselkhozbank opened in 2000 to finance agricultural development. It is a 100% state-owned bank. It has over 1500 offices, being the second most wide-spread bank in Russia.