It would be more viable to establish the Arctic Bank of Reconstruction and Development in St. Petersburg, the city's Deputy Governor, Igor Albin, said at the opening of the fifth international forum, "Arctic: Present and Future."

"We think that the long discussed project of an Arctic bank of reconstruction should be implemented in St. Petersburg, and by doing so triggering the realization of the national investment policy regarding the northern territories on  a federal and international scale," TASS quoted Albin as saying.

The Arctic Public Academy of Sciences proposes to create an Arctic Bank of Reconstruction and Development to finance projects in depressed northern regions. The plan also calls for an increase in the number of students to be trained as experts with skills necessary for exploration of the North.

"Our city's active participation in solving Arctic problems can be explained by several factors: the city has significant research, education and technological potential. We also have long-standing traditions of cultural and production relations with the northern regions of Russia and the world. And, most importantly, we remain an indisputable authority among the regions and countries of the North," Albin said.