Russia to allocate $63bn for Arctic development

Saturday 19th October, 2013

Russia Russia plans to spend US$63 billion by 2020 on its Arctic development program, according to a top government official. The draft version of the program could be submitted to the Cabinet by November 1, RIA Novosti cited Regional Development Minister Igor Slyunyayev as saying on Friday. The comment was made in Moscow at the general assembly of the Northern Forum, which supports sustainable development in areas economically dependent on natural resources. Major Russian companies are expected to finance more than half the program’s cost, while one-third of funding will likely co…

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