Gross Regional Product News

Massive Investment Plans for the Russian Arctic Revealed

The Ministry of Regional Development of the Russian Federation plans to amend the Government draft state program “Socio-economic development of the Arctic zone of the Russian Federation for the period until 2020” by 1 November, 2013, states the head of the ministry, Igor Slyunyaev, when speaking at the 11th General Assembly of the Northern Forum in Moscow. According to the minister, the programme will cost 2-trillion Rubles, and the federal budget will provide approximately one-third and more than 1 trillion rubles will be drawn from extra-budgetary sources.