GROZNY, July 16. /TASS/. Investment in 35 largest projects in the North Caucasus currently stands at 1.7 trillion rubles ($19 bln), Russian Deputy Prime Minister Alexander Novak said in an interview with TASS Director General Andrey Kondrashov on the sidelines of the Caucasus Investment Forum.

"As of today, on largest projects that are in the focus of the federal government’s attention, 35 projects in seven regions, alone <…> investment totals 1.7 trillion rubles," Novak who is in charge of the North Caucasus Federal District, said.

A total of 300 bln rubles ($3.3 bln) have already been invested in the economy of Caucasus, he said, adding that the remaining funds would be invested in projects in coming years. "The main thing is that those investment creates a multiplier effect. For example, when funds are invested in the development of transport and logistics infrastructure, the development of highways, airports, it means that the possibilities for developing other types of business and other types of economy increase," Deputy PM said.