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Investors apply for $370 million to support Arctic infrastructures

The Ministry for Development of the Far East and Arctic has received applications for support of 13 projects, where investments make 212.5 billion rubles ($2.9 billion), however, only seven of them answer the criteria and may receive preferences

MOSCOW, July 24. /TASS/. Investors applied for 26.6 billion rubles ($370 million) of federal incentives for organization of infrastructures for Arctic projects, press service of the Ministry for Development of the Far East and Arctic told TASS on Friday.

"Investors have applied for 26.6 billion rubles ($370 million) for infrastructures," the press service said.

The ministry has received applications for support of 13 projects, where investments make 212.5 billion rubles ($2.9 billion). However, only seven of them answer the criteria and may receive preferences. Their investments are 187 billion rubles ($2.6 billion), and they will offer 5,000 jobs. The applications will be analyzed by a state commission, which will make final decisions regarding state support for the projects.

According to the law, inked by the president, any business, registered in the Arctic, which plans a new investment project or a new business with investments of at least 1 million rubles ($13,900), may be granted the status of the Russian Arctic zone’s resident and thus enjoy certain tax and non-tax benefits.

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