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EBRD freezes $271 million investments in Russian agriculture

July 31, 2014, 19:37 UTC+3 MOSCOW
The bank earlier announced no investments in Russia were possible as the EU adopted new sanctions package
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© EPA/OLIVIER HOSLET

MOSCOW, July 31. /ITAR-TASS/. European Bank of Reconstruction and Development (EBRD) has frozen investments in some planned agricultural projects in Russia worth about $271 million, said the bank’s spokeswoman in Russia Svetlana Pyrkalo.

The projects of French CLL, the U.S. equipment manufacturer John Deere and Russian sugar producer Dominant Group had not been signed when the majority of the EBRD shareholders informed the management they would not approve new projects in Russia, she said.

The bank earlier announced no investments in Russia were possible as the EU adopted new sanctions package.

Under the project with Deere&Company, $180 million would be allocated to its Russian subsidiary John Deere Financial for agricultural equipment leasing by small and medium Russian companies.

Previously, the bank considered investing up to 15% of the joint project with French Lesaffre Group in yeast production in Russia. In particular, the EBRD planned to purchase a minority share in Voronezhskiye Drozhzhi (Voronezh Yeast) for 10 million euro ($13 million). Proceedings would finance modernization according to European standards.

One of Russia’s major sugar producers Dominant Group planned to borrow $78 million to modernize sugar plants.

Pyrkalo confirmed to ITAR-TASS the EBRD had suspended indefinitely participation in Belaya Dacha holding company’s project for potato processing and pommes frites production.

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