Alexei Chekunkov, the Minister for the Development of the Russian Far East and Arctic (Minvostokrazvitiya), wants to prove that highly profitable soft, 2 percent, mortgage plans are possible in the Arctic and also persuade the Government to approve a document on expanding this mechanism to the Russian Arctic territories.

Speaking at a meeting of the Council for the Development of the Far East, the Arctic and Antarctica under the Federation Council, Chekunkov noted that Minvostokrazvitiya advocated Arctic mortgages, and that it would facilitate the approval of the relevant document. This state support mechanism has yielded tremendous results in the Far East, he added.

“Our joint 4.2 billion ruble estimate (Editor’s Note: For Arctic mortgages) is part of the three-year budget, and there are plans to spend 11 billion in the period up to 2035. I am convinced that this federal budget investment will expand construction volumes and will generate a multiplier effect far exceeding this investment. Consequently, we will obtain more than we have invested. We will prove this, and we will obtain this permission (Editor’s Note: To spread soft, 2 percent, mortgages to the Russian Arctic),” the Minister said.

In mid-April, Deputy Prime Minister and Presidential Plenipotentiary Envoy in the Far Eastern Federal District Yury Trutnev promised to persuade the Government to expand the 2 percent Far Eastern mortgage program to include the Russian Arctic. Over 67,000 families have improved their living conditions using the Far Eastern mortgage program that has also boosted investment in housing construction. Since the program’s inception three years ago, regional housing construction volumes have soared by 60 percent, to reach 3.8 million square meters.