FEDF to Support a Large-Scale Urban Environment Development Project in Murmansk

The Far East and Arctic Region Development Fund (FEDF affiliated with VEB.RF Group) and the Government of the Murmansk Region have agreed to make join efforts to implement investment projects in the region. The relevant cooperation agreement has been signed by Alexei Chekunkov, CEO of the Far East and Arctic Region Development Fund, and Andrei Chibis, Governor of the Murmansk Region.

In particular, FEDF is contemplating participation in a large-scale project providing for creation of an international arctic centre of culture and business in the Arctic Capital Advanced Special Economic Zone. This unique cluster will be created through comprehensive redevelopment of the areas adjacent to the seaport. It will include a congress and exhibition centre, Arctic environmental and international museum, centre of arctic tourism and design, research lab, gastromarket, SMB development platforms, and park. According to the tentative estimates of the Government of the Murmansk Region, total investment will amount to RUB 5 bln.

“The Murmansk Region is currently creating the best possible environment for major investment projects. On 28 August, a law on government support of business in the Arctic Region of the Russian Federation will come in force. It provides for the maximum possible preferences for the residents, including a reduction of the rate of social insurance fees from 30% to 7%. The preferences will be made available both to major companies and small and medium businesses investing RUB 1 mln or more in the project. A new environment will give rise to new projects, investments, and jobs”, said Andrei Chibis, Governor of the Murmansk Region.

“Supporting urban development projects is among the priorities of the Far East and Arctic Region Development Fund and VEB.RF Group. New urban community centres to be created through revitalisation of a municipal district will both improve the standards of living and serve as powerful magnets for entrepreneurs and Russian and foreign tourists, and as an incentive for the transport and hospitality infrastructure development”, said Alexei Chekunkov, FEDF CEO.