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  • THE FAR EAST DEVELOPMENT FUND TO FINANCE THREE MORE INVESTMENT PROJECTS

    01 July 2016

    Projects worth an aggregate of RUB 84.4 billion have been determined by the Russian Government, according to a Ministry for the Development of the Russian Far East press release.

    The Government of the Russian Federation has approved projects to be finance by the Far East Development Fund. The aggregate economic effect of the three projects is estimated at RUB 178.9 billion in the form of increased GDP and RUB 24.3 billion in additional tax revenues within a decade. Implementation of the projects will create over 2.6 thousand new jobs.

    Establishment of a Post of Russia logistics hub was the first project to be selected by the Russian Government. It is estimated to cost RUB 5.7 billion, of which the Fund will invest RUB 1.8 billion. It is planned to build the postal logistics centre for processing over 700 million conditional postal dispatches at Khabarovsk International Airport. Three similar centres have already been built: in the Podolsk District of the Moscow Region, St. Petersburg and Kazan. The project also envisages an increase in the fleet of freight vessels.

    The second project involves development of the transport infrastructure at the Ozernoye deposit, which is one of the world’s ten best zinc deposit in terms of reserves and ore quality. The project will cost a total of RUB 72.9 billion, of which the Fund will contribute RUB 630 million. The productive capacity of the future Ozerny ore-dressing combine will be 8 million tonnes a year. Since the strategic investor will be the Chinese corporation NFC, implementation of the project might help attract foreign investment into the region’s economy and allow a major producer of zinc concentrate to be established in Russia.

    Construction of stages II and III of the plant for deep processing of soya at the Belogorsk ASEZ in the Amur Region was the third project selected by the Russian Government. The total cost of the project is estimated at RUB 5.8 billion, RUB 2.14 billion of which will be contributed by the Fund. Construction of the plant will reduce the dependence of Russia’s food industry on imported soy isolate and other soya processing products. Some of the output may be exported to China.

    Over the last nine months, the Fund has approved seven projects, in which it will invest RUB 11.3 billion. The total investments in the given projects will be RUB 87.8 billion.