50 billion rubles is needed for priority development projects in the Arctic
To finance priority development projects in the Arctic, capital is needed that is comparable to the capital invested by the Far East Development Fund. It is more than 50 billion rubles in the next 2-3 years. The head of the Fund Alexey Chekunov told about it on the sidelines of the International Arctic Forum. Putin declared about the extension of the work of the Far East development institutions to the Arctic in his speech at the plenary meeting of the forum. He added that if necessary, it was worth "to provide the additional capitalization of the Far East Development Fund for targeted financing of Arctic projects».
«Today in the Arctic zone 119 projects have already been planned for implementation with a total volume of almost 10 trillion rubles in such fields as mining, processing and logistics of hydrocarbons, solid minerals and fish. One of the key factors for success of such projects is modern transport and logistic infrastructure, providing the supply of products to domestic and foreign markets. These are the projects located in the Arctic zone of nine regions (Murmansk region, Republic of Karelia, Arkhangelsk region, Nenets Autonomous Okrug, Komi Republic, Yamalo-Nenets Autonomous Okrug, Krasnoyarsk Territory, Yakutia, Chukotka Autonomous Region) are the priority ones for the provision of concessional financing under 5 percent per year. In accordance with the instruction of the President to expand the mandate of the Far East Development Institutions in the Arctic, the Far East Development Fund will act as an investor and organizer of financing from the VEB.RF group for priority projects in the Arctic.
The Fund has experience in supporting of big investment projects in the regions with severe climate. For example, the Far East Development Fund participates in financing the construction project of the Inaglinsky mining and processing complex in Yakutia, where the temperature drops 50 below zero in winter.