Arctic, Trans-Arctic corridor development project needs $11.5 bln in investments

Eastern Economic ForumArctic, Trans-Arctic corridor development project needs $11.5 bln in investments Specific projects for the development of the Russian Arctic zone and the Trans-Arctic Transport Corridor will be implemented using tools including project financing, public private partnerships, concession agreementsVLADIVOSTOK, September 3. /TASS/. Around 1 trillion rubles ($11.5 bln) in investments will need to be gathered to develop the Arctic and the Trans-Arctic Transport Corridor, a TASS correspondent reported. A respective deal has been signed by the Far East and Arctic Development Corporation, VIS Group, and the Crystal of Growth Foundation at the Eastern Economic Forum. "As of today, the development of the Trans-Arctic Transport Corridor is a crucial area for development of the country’s transport sector overall. All future major infrastructure projects will be linked to the Trans-Arctic Transport Corridor in one way or another, as it is not merely a route from Kaliningrad and Murmansk to Vladivostok and Shanghai, but a full-fledged artery connecting the Atlantic and the Pacific. Total investment in mineral resource projects in the Russian Arctic will exceed 30 trillion rubles, while infrastructure investments for these projects are likely to exceed 5 trillion rubles, based on broad projections," said Minister for the Development of the Russian Far East and Arctic Alexey Chekunkov. The deal also stipulates the potential creation of an international investment fund to finance projects included in the comprehensive project. The total amount of investment will be formed on the basis of the participants’ own and raised funds, contributions from Russian and foreign co-investors, institutional investors, bank and project financing, as well as capital from the international investment fund to be established. Specific projects for the development of the Russian Arctic zone and the Trans-Arctic Transport Corridor will be implemented using tools including project financing, public private partnerships, concession agreements, and other forms of attracting non-budget investment. The Eastern Economic Forum is taking place on September 1-4 in Vladivostok on the campus of the Far Eastern Federal University. The main theme of this year’s EEF is "The Far East: Development for the Benefit of People." The event is organized by the Roscongress Foundation with the support of the Russian government. TASS is its general information partner. 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