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Investments in Arctic Circle’s backbone cities estimated at $45.3 bln

Investors’ funds will be directed to the economy of the Murmansk Region and to development of production facilities

MURMANSK, July 1. /TASS/. Investments in development of three backbone agglomerations of the Murmansk Region will be over four trillion rubles ($45.3 bln), Governor Andrey Chibis said.

"Investing more than four trillion rubles, including private investments of more than 2.9 trillion rubles ($32.8 bln) or 72%, is required to develop all the settlements being part of Murmansk, Kirovsk-Apatity and Monchegorsk agglomerations. The demand for budget funding is about 550 bln rubles ($6.1 bln)," Chibis wrote on his Telegram channel.

Six rubles of private funding stand for one ruble from the budget, the governor said. Investors’ funds will be directed to the economy of the Murmansk Region and to development of production facilities.

In 2023, Russian President Vladimir Putin tasked to determine the list of settlements in the Arctic Region that will be considered the backbone ones. Development master plans should be determined for them, similarly to the ones already developed for Far Eastern cities.