Regional infrastructure boost planned in Russia

By Richard High24 June 2008

The Russian government has announced to new regional infrastructure initiatives totalling RUR 590.3 billion (US$ 25 billion), according to local news agencies.

On Monday (23 June) Russian Prime Minister Vladimir Putin said it will spend RUR 120.6 billion (US$ 5 billion) on development of the North Caucasus Republic of Chechnya over the next four years.

The money, which will be made available between 2008 and 2011 aims to boost social and economic development of Chechnya by creating thousands of jobs in the republic, boosting industrial output by +100% and create a resources base to develop local social and transport infrastructure.

Elsewhere, RUR billion (US$ 20 billion) will be allocated to Chukotka Autonomous Okrug (Area), which is located in the far northeast of the Russian Federation. The money will be made available under the region's "Economic and social development of the Far East and the Baikal Region for a period till 2013," said a government official.

The majority of the money will be allocated to transport infrastructure projects, said the report, although no specific details were given.

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