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Twelve companies with projects worth $3.3 billion apply for infrastructure incentives

Businesses, investing in Arctic projects at least $4.2 million, may receive non-refundable subsidies of up to 20% of the investments

MOSCOW, July 3. /TASS/. Russia’s Ministry for Development of the Far East and Arctic received twelve applications for subsidies from ten companies, which investments in Arctic projects will make more than 232 billion rubles ($3.3 billion), the ministry’s press service said on Thursday.

Businesses, investing in Arctic projects at least 300 million rubles ($4.2 million), may receive non-recoverable subsidies of up to 20% of investments.

“We have received applications from twelve companies, where investments in projects would be more than 232 billion rubles. During implementation of those projects, we expect more than 3,500 new jobs. Now, the state commission on development of the Arctic, chaired by Deputy Prime Minister and the president’s envoy to the Far East Yuri Trutnev, will take decisions regarding the state support for them,” the press service quoted Deputy Minister Alexander Krutikov as saying.

According to the ministry, applying projects should favor the region’s social and economic development and should offer new jobs. Companies should be experienced in implementation of investment projects, they should be registered in the Russian Arctic zone and should not have debts or undergo bankruptcy or reorganization.