Far East and Arctic Development Ministry to select investment projects eligible for infrastructure development subsidy
Investors acknowledged eligible can apply for a subsidy of up to 20 percent of the declared private investment necessary for construction of infrastructure facilities
The Ministry for the Development of the Russian Far East and Arctic says it will start accepting documents from investors planning to implement new projects in the Arctic zone of the Russian Federation on 15 April 2020. Such investors can get state support for building energy, road or other surface infrastructure.
The Russian Government approved the rules for selecting investment projects in March. The companies that comply with all these requirements can apply for a subsidy of up to 20 percent of the declared private investment necessary for the project's implementation.
By the order of Aleksandr Kozlov, Minister for the Development of the Russian Far East and Arctic, investment projects will be selected between April 15 and June 1, 2020.
“To take part in the selection, an investor must submit an application with an attached project business plan, its financial and economic model, and a number of other documents. A detailed guidance has been developed and issued by the Ministry to streamline the paperwork”, said the Minister.
The guidance is available on the official website of the Ministry for the Development of the Russian Far East and Arctic.
Among the basic criteria for selection of investment projects are the focus on social and economic development and generation of new jobs. Besides, the total necessary investment in a project should make at least RUB 300 million, with the project stipulating construction or modernization of infrastructure facilities. Obligatory requirements are investor’s experience in implementing projects, the company's registration in Russia's Arctic zone, and the absence of debts, bankruptcy or reorganization. The Presidium of the State Commission for Arctic Development will examine and coordinate the list of selected investment projects.
