Azerbaijan, Baku, June 9 / Trend /
The European Bank for Reconstruction and Development (EBRD) urged CIS countries to encourage private investment necessary to free up the vast agricultural potential of the region by establishing a sustainable long-term policy and to enable the use of agricultural land to attract financing, EBRD said.
According to the Bank and the United Nations Food and Agriculture Organization (FAO), at least 13 million hectares of agricultural land in Russia, Ukraine and Kazakhstan may be re-used for production without any significant costs to protect the environment.
During the meeting, organized by the Bank in the World Grain forum in St. Petersburg, main actors in domestic and international grain markets have discussed the possibility of realizing the potential of countries and it has been concluded that its realization is possible only by increasing private sector investment involved in this process.
The Bank expressed readiness to provide funding for food, as well as the implementation of vital infrastructure projects, a key issue for expanding the agricultural production in the region.