Economy
Russia to spend 260 bln rubles on Arctic development
© RIA Novosti. Vladimir Fedorenko

Russia to spend 260 bln rubles on Arctic development

A total of 260.2 billion rubles will be provided to implement the Socioeconomic Development of the Russian Arctic Zone state program through 2020, Deputy Economic Development Minister Alexander Tsybulsky said Wednesday at a meeting of the State Commission for Arctic Development in Murmansk, TASS reported.

"The total funding for the state program as amended will be 260.2 billion rubles," he said.

The program includes creating transport infrastructure, ensuring safety in the Arctic and developing mineral deposits, among other things. The deputy minister said a distinctive feature of the new program is its systemic approach, in contrast to the sectoral approach as before, which should produce a multiplication effect.