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City news, 10.01.2003 16:43

Extra USD 600 million to be allocated to construction of Saint Petersburg ring road and dam

Extra USD 600 million to be allocated to construction of Saint Petersburg ring road and dam An extra USD 600 million is to be spent on completing the ring road around Saint Petersburg and the dam. According to the president's press office, Russian President Vladimir Putin made this announcement today in a meeting with Presidential Plenipotentiary in the North West Federal District Victor Cherkesov. Mr Cherkesov will be personally responsible for how this money is spent. The president emphasised that the ring road would never be completed unless decisive steps were taken. On the instructions of the president the Russian government 'has made several decisions, including decisions on how to finance the completion of this project,' said Mr Putin. He added that 'a considerable sum has been allocated' to this project which will be 'given at regular intervals, beginning this year, on the condition that each stage of construction is completed.' Mr Putin and Mr Cherkesov also discussed the ecological problems of the Gulf of Finland and the Baltic Sea. Mr Cherkesov emphasised that there would be a serious examination of the environment while construction work is going on. The president, in his turn, mentioned that the North West Federal District is currently a fast growing region which is now facing several important challenges including preparation for the 300th anniversary of Saint Petersburg. The Russian Ministry of Transport and the Russian government are expecting to receive money for these projects from the EBRD (European Bank of Reconstruction and Development)and the North Bank under a guarantee from the Russian government. Besides this, the president said that 'necessary funds will be provided by the state budget

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