The Presidium of the State Commission for Arctic Development has approved the allocation of 1.4 billion rubles in subsidies for five Arctic investment projects in 2022.

Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev chaired a meeting of the Presidium of the State Commission for Arctic Development. Its agenda included discussions on subsidising interest rates on loans issued for the implementation of investment projects in Russia’s Arctic regions.

“A decision has been approved to allocate subsidies worth a total of 1.4 billion rubles for five investment projects in 2022. These projects include the development of the Kharbeyskoye oil and gas condensate deposit in the Yamal-Nenets Autonomous Area and the construction of an airport in Novy Urengoy,  the creation of a gas chemical complex in the Nenets Autonomous Area, the construction of the Lavna coal terminal in the Murmansk seaport, and the development of the Syradasayskoye coal deposit in the Krasnoyarsk Territory,” reads a statement by the press service of the Presidential Plenipotentiary Envoy to the Far Eastern Federal District.

Total investment in these projects, which will create over 2,000 jobs, has been estimated at 573 billion rubles.

According to the press service, the interest rate subsidy programme has been proposed for companies that invest in Arctic projects because a dramatic increase in the Central Bank’s key rate has increased the cost of loans.