Economic Development Ministry to consider co-financing Titanium Valley in 2014-2016

30 September 2013 (10:28)

September 30, 2013. Russia’s Economic Development Ministry is going to consider co-financing the construction of infrastructure facilities in the Titanium Valley special economic zone in 2014-2016. Russian Prime Minister Dmitri Medvedev asked Minister Alexei Ulyukayev to look into this option after a bilateral meeting with Governor of Sverdlovsk Region Evgeny Kuivashev; the meeting took place the other day in the course of the arms exhibition in Nizhniy Tagil, Governor of Sverdlovsk Region’s Information Policy Department reports.

During his meeting with the Head of Government, the Governor stressed once again that Sverdlovsk Region Government was ready to fund 49% of all the jobs relating to the construction of the infrastructure facilities in the area that are not going ever to pay off. All in all, 4.7bn RUR are required to develop the special economic zone. In 2014, 831bn RUR will be allocated from Sverdlovsk Region’s budget for the creation and development of the Titanium Valley.

To make sure the special economic zone project gets implemented efficiently and in due time, the procedure on making changes to the Russian Federation Government’s decree on the creation of the Titanium Valley (the part relating to federal co-financing) has to be made less time-consuming.

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