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Business news, 04.08.2006 15:43

Govt commission approves 3 Investment Fund projects

investments A government commission approved Thursday three projects requesting financing from Russia's Investment Fund, Economic Development and Trade Minister German Gref told reporters after the meeting.

The projects are asking for a total of 59.7 billion rubles from the Investment Fund. These include a project to build rail infrastructure necessary to develop a complex deposit in Chita region, to build a tunnel under the Neva river in St. Petersburg and to build a toll road along the M1 highway between Moscow and Minsk.

MMC Norilsk Nickel initiated the project to build a rail infrastructure to develop the complex structure in Chita region. Norilsk plans to build five mining and processing complexes (GOKs) in the region by 2015 that will have a total output of 35.5 million tonnes of ore a year. The total cost of the project is 141.35 billion rubles and the Investment Fund is expected to provide 40.95 billion rubles.

The other two projects will be implemented based on concessions.

The total cost of the tunnel under the Neva river is 26.361 billion rubles, including 8.768 billion rubles from the Investment Fund.

The total cost of the M1 highway is 17.257 billion rubles, of which 10.007 billion rubles will be provided from the Investment Fund.

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