Ministry for the Development of the Russian Far East and Arctic completes investment project selection
On July 1, the Ministry for the Development of the Russian Far East and Arctic closed its application period for Arctic investors seeking government infrastructure support.
"Ten companies submitted project applications, with the total amount of investment exceeding 210 billion rubles. These investment projects are expected to create over 3,500 jobs. Now, the presidium of the State Commission for Arctic Development chaired by Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev will decide on the government support for the projects," said Deputy Minister of the Development of the Russian Far East and Arctic Alexander Krutikov.
Under a government resolution, investors whose projects meet the established criteria are eligible for a subsidy for the construction of supporting infrastructure facilities in the amount of up to 20 percent of private investment in such projects. The basic criteria for selecting investment projects include project implementation in the Arctic area, creation of new jobs and the project's budget efficiency. In addition, the total amount of investment in the project should not be less than 300 million rubles.