Russia is to create Monocities Development Fund

10th September 2014

The fund will serve as the project office for the implementation of investment projects in such municipalities

Russia is to create Monocities Development Fund, - says the report of the Ministry of Economic Development of the Russian Federation.The fund will serve as the project office for the implementation of investment projects in such municipalities.

A set of measures to improve the investment attractiveness of the territories of mono-sectoral municipalities of the Russian Federation (monocities) was prepared by the Ministry of Economic Development pursuant to the list of instructions for the implementation of the President's Address to the Federal Assembly of the Russian Federation of December 27, 2013 (paragraph 1.26) and approved by the Prime Minister Dmitry MEDVEDEV.

The set of measures includes:

  • development of methodological and organizational framework for the activities of public authorities and organizations to promote sustainable socio-economic development of monocities;
  • promoting investment attractiveness of monocities and stimulating investment activity on the territory of monocities;
  • ensuring the consistency of government support measures aimed at stabilizing the economy and social conditions in monocities.

The implementation of this set of measures will enhance the investment attractiveness of the monocities’ territories, diversify their economies, and create jobs.

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