Far East and Arctic Development Fund to finance investment projects in Yamal-Nenets Autonomous Area and Murmansk Region
The Far East and Arctic Development Fund will provide additional monies for high-priority investment projects in the Murmansk Region and the Yamal-Nenets Autonomous Area.
“A directive that has been signed will spur the development of high-priority economic sectors, boost regional employment levels and facilitate the socio-economic development of polar areas,” the Russian Government’s website notes.
The Novy Urengoi airport will be upgraded in the Yamal-Nenets Autonomous Area. There are plans to build a new air terminal with an area of 19,600 square meters and to rebuild local runways. The directive stipulates that up to 3.73 billion rubles should be made available for these purposes.
In the Murmansk Region, additional investment will help develop the Kovdor Mining and Ore Processing Works that manufactures iron ore, apatite and baddeleyite concentrates. The factory will therefore expand annual ore output from 14.5 million to 19.5 million metric tons and create over 500 jobs. This project is to receive over two billion rubles.