The European Bank for Reconstruction and Development (EBRD) has said it will pay €15m (US$17.2m) for a 35% stake in a production facility to be built in Russia by France’s Bonduelle.

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The €41m plant, which will be 65% financed by the French food company, will eventually have an annual production capacity of 60,000 metric tonnes of fresh packaged vegetables, mainly sweet corn and peas.

The plant will be completed in two stages. The first investment of €23m will produce 25,000 tonnes annually, followed by a second investment in 2008 of €18m, reported Reuters.

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