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Business news, 27.05.2003 11:51

St. Petersburg needs USD 1 billion for restoration works

St. Petersburg needs USD 1 billion for restoration works The federal programme to preserve and develop St. Petersburg's historical centre needs around 30-35 billion roubles (approximately USD 1 billion), according to Anatoly Petrakov, the deputy chairman of Gosstroi. Petrakov made this announcement to journalists at the 300 Years of St. Petersburg International Press Centre. He said that the programme does not set out exact financing levels, but 'is aimed only at landmarks.'

The federal programme is supposed to run from 1996 to 2010. Gosstroi is currently in charge of selecting landmarks to be renovated. The first stage of the programme ran from 1996 to 2000. The second is from 2001 to 2003. The second stage includes 21 landmarks and is part of preparations for St. Petersburg's 300th anniversary celebrations.

According to the St. Petersburg Construction Committee, the programme received about 100 million roubles a year in financing until 2001. In 2001, it received 315 million roubles (USD 10.2 million), in 2002 - 520 million roubles (USD 16.9 million), and this year it may receive 670 million roubles (USD 21.8 million).

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