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A single-industry towns development foundation to be established in Russia

September 04, 2014, 9:18 UTC+3 MOSCOW
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MOSCOW, September 04. /ITAR-TASS/. Russia's government has approved a package of measures to raise the investment attractiveness of the territories of single-industry towns, the Cabinet reports on its website on Thursday.

In particular, provision is made for the establishment of a specialized organization a Single-Industry Towns Development Foundation that will play the role of a project office for implementing investment plans in monotowns.

It follows from the document that up to 3 billion rubles ($81.3 million) is to be allocated from the Federal budget for support to single-industry towns in 2014, and up to 32 billion rubles ($868 million) in 2915-2017. The implementation of measures envisioned by the authorities is expected to promote a rise in the investment appeal of single-industry towns, diversification of their economies, and the creation of new jobs.

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