Selection of Arctic investment projects is launched

Selection of investment projects intended for implementation in the Arctic zone of Russia announced by the Ministry for the Development of the Russian Far East and Arctic launched in April 2020 with a view to provide state support for the development of energy, road or another external infrastructure.

The Development Agency of the Arkhangelsk Region is ready to help entrepreneurs to propose their projects to the selection, which will continue until 1 June 2020. Questions on all issues can be asked by the telephone (800) 100 7000 or using the e-mail office@msp29.ru.

Mr Alexander Kozlov, the Minister for the Development of the Russian Far East and Arctic, stated that there is an interest of Arctic territories investors’ to the new instrument of state support because the weak infrastructure in the Arctic remains one of the constraining factors to business development and consequently the economy of the Russian Arctic zone in general.

He noted that the use of the instrument of infrastructure support is now very advanced in the Russian Far East; now, to simplify the process, the Ministry for the Development of the Russian Far East and Arctic has developed guidelines for the Arctic zone investors and published them on the Ministry’s website (Rus).

"In March, the Russian Government approved the selection procedures developed by the Ministry for the Development of the Russian Far East and Arctic for investment projects in the Arctic to provide infrastructure support. As a result, the investors whose projects meet the established selection policies become eligible for a subvention up to 20% of the announced private investment in creation of infrastructure facilities needed for the implementation of these projects. Herewith, total investment in the project shall be not less than RUB 300 million. It is a very good opportunity for investment projects in the Arkhangelsk Region in such challenging time", noted Mr Maxim Zaborsky, Director General of the Regional Development Agency.

A decision regarding the final list of the selected investment projects will be taken by the Bureau of the State Commission for the Development of the Arctic.

We would like to remind that the Regional Development Agency operates a hotline with the number (800) 100 7000 to continue the consultations of entrepreneurs of the Arkhangelsk Region on a variety of subjects concerning the situation with the coronavirus pandemic. All consultations are available free of charge. The questions may be submitted either to the e-mail office@msp29.ru or via Skype ano.p2 (upon prior request).

Besides, on the Agency’s website (Rus) you can find a comprehensive list of existing support measures for the entrepreneurs in the crisis situation.

Press Office of the Regional Development Agency