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Russia to provide $110 million to Abkhazia in 2015 — Putin

November 24, 2014, 18:29 UTC+3 SOCHI

Russia and Abkhazia have signed the Treaty on Allied Relations and Strategic Partnership

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Raul Khadzhimba and Vladimir Putin

Raul Khadzhimba and Vladimir Putin

© Mikhail Metzel/TASS

SOCHI, November 24. /TASS/. In 2015, Russia will provide $110 million to Abkhazia under the Treaty of Allied Relations and Partnership, Russian President Vladimir Putin said on Monday.

In compliance with Russia’s investment program of the development of Abkhazia in 2015-2017, the amount of investment will reach over $87 million, Putin said after a meeting with his Abkhazian counterpart Raul Khadzhimba.

The Treaty determines major directions for intensifying Russian-Abkhazian economic, social, humanitarian, defence and security cooperation, he said, adding that the talks themselves had been held in a constructive and friendly atmosphere.

Abkhazia is the partially-recognized republic on the Black Sea coast. Russia and Abkhazia recognized the treaty on allied relations and strategic partnership as the basic document for developing cooperation in social welfare and the economy, in foreign policy, defense and security by preserving the republic’s state sovereignty. Russia ranks first among Abkhazia’s economic partners (63% of trade turnover).

Putin said the previous investment program for 2013-2015 would make it possible to complete the construction of 54 facilities in transport infrastructure, housing and agriculture this year.

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