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. Last Updated: 07/27/2016

Agriculture to Get $43Bln Over 5 Years

Itar-TassIT and Communications Minister Leonid Reiman, left, and Gordeyev smiling during a Cabinet meeting on Thursday.
The Cabinet on Thursday approved spending $43 billion on agriculture over the next five years, and more than $1 billion for the development of nanotechnology.

The five-year agriculture plan envisions $21.5 billion from the federal budget and another $21.2 billion from regional coffers. It aims to raise output by 23 percent and the share of domestic products on the market to 70 percent, Prime Minister Mikhail Fradkov said, Interfax reported.

The program aims to improve living conditions and equipment in agriculture, where the number of people working has fallen by about 1 million in the last five years, Agriculture Minister Alexei Gordeyev said, Interfax reported.

Ministers also approved a $1.1 billion plan to finance the development of the nanotechnology industry -- the government's new buzzword sector -- from 2008 to 2010. About $975 million will come from the federal budget, Education and Science Minister Andrei Fursenko told the meeting.

The state nanotechnology corporation "should become the connecting link for the realization of projects in the nanotechnology sphere," Fursenko said, noting that it will supply the materials necessary for nanotechnology products.

Industry and Energy Minister Viktor Khristenko proposed developing sub-programs for various industries, including for electronic component manufacturers and the defense industry.

The Cabinet also discussed a $50 million loan from the International Bank for Reconstruction and Development to overhaul the system of property rights registration. The funds would be used to simplify procedures and reduce the waiting times for registering property.