Over 150 billion rubles will be earmarked for the socio-economic development program for the Arctic zone in the Komi Republic through 2020, Interfax said citing the regional administration press service.

About 45 billion rubles will be allocated from the federal budget and over 9 billion from the regional budget to finance the program, which was approved by the republic's government.

The program will help modernize Vorkuta's economy and provide comfortable living conditions for residents. It will help preserve and create new jobs, consolidate industry, create new manufacturing facilities and develop new areas of activity.

The program will provide the framework for a project to develop hydrocarbon deposits and a number of major infrastructure projects and establish an Arctic tourism cluster in the city, which will increase local tax revenue.

Furthermore, the region will become more accessible to transport.

"This will include the Belkomur project, the construction of a railway branch line between Vorkuta and the town of Ust-Kara linking the republic with the Nenets Autonomous Area, the modernization of the Vorkuta airport and a number of other projects," government spokesman Vladimir Tukmakov said.

The program will include measures funded under federal targeted programs, regional and municipal programs and private sector projects, all of which will have a favorable impact on Vorkuta's development.