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$3,6 billion to be spent on development of Arctic region

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$3,6 billion to be spent on development of Arctic region

The Russian government intends to consider a new version of the Arctic development state program. For the first time, the document will stipulate the amount of funds required for implementation of all planned projects in the Arctic region until the year 2025.

Before that, the state program’s financing was equal to zero, but now the Economy Ministry of Russia asks to allocate 209,7 billion rubles ($3,6 billion) for these purpose.

A project, presented earlier, did not envisage any specific amount of funds, but back then, the Ministry estimated the spending at dozens and hundreds of billions of rubles.

Most projects implemented in Arctic are mineral resources centers, that is the development of fields, which will have a shared shipment point for further transportation.

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