Russia may support agricultural processing with $303m

Russia’s Agriculture Ministry has suggested allocating 10.5 billion rubles ($303 million) to support agriculture processing companies by 2020, the ministry said Monday following a meeting chaired by Deputy Minister Dmitry Yuryev.
To replace imports, Russia must not only increase agricultural output, but it needs to boost processing, the ministry said quoting Yuryev.
The ministry has developed a subprogram for supporting processers and developing wholesale-logistics centers. The government funding amounts to 54.3 billion rubles in the next six years, including 10.5 billion rubles for support of companies of the food and processing industries, the ministry said.
Previously, Agriculture Minister Nikolai Fyodorov said the additional investments in the sector will amount to 636 billion rubles due to the sanctions Russia has imposed on the EU, the US, Canada, Norway and Australia, banning imports of beef, pork, poultry, fish, cheese, dairy products, fruit and vegetables from the countries for one year from August 7.