12.3 million euros allocated for Kolarctic program
© RIA Novosti. Alexandr Kryazhev

12.3 million euros allocated for Kolarctic program

The Russian Government has allocated 12.3 million euros for the Kolarctic program of cross border cooperation. The funding is for the period up to 2020. The resolution has been published on the Government website.

"The Kolarctic cross border cooperation program is an instrument for the implementation of joint cross border projects by the Murmansk and Arkhangelsk regions, the Nenets Autonomous Area and border areas of Finland, Sweden and Norway. It serves as an additional source of financing for regional initiatives," the resolution says.

It also specifies that the 12.3 million euros will be allocated as Russia's contribution to the program, after the agreement is ratified. In 2018, 9.1 million euros will be allocated, with a further 1.6 million in 2019 and 1.6 million in 2020. Provisions have been made for the relevant funding in the federal budget for 2018 and the planning period for 2019 and 2020. The total budget of the program is 49.4 million euros.

The Kolarctic program is equally co-financed by the participating countries: Finland, Norway, Russia and Sweden, as well as the European Union.