Far East Development Fund to Design a Development Monitoring System for the Arctic Region

The Far East and Arctic Region Development Fund (FEDF) will create a unified statistical and information analysis system to monitor the development of Russia’s Arctic zone as a whole. On Thursday, Alexei Chekunkov, CEO of the Fund, told TASS that the Fund would create a digital twin of the Northern Sea Route among other things.

“The Fund will engage in the development of a unified information analysis system for the Arctic Region. Among other things, it will create Russia’s first digital twin of the Northern Sea Route that will serve as the primary engine of development in the region. This will be a digital information analysis facility based on a dynamic mathematical model”, Chekunkov said.

According to the Fund’s CEO, the facility will make it possible for the government and business to find the solutions that will promote international transit and increase Russia’s freight turnover in the Arctic Region. Besides, it will allow to identify the required government support measures.

“The system will take the logistical, infrastructural, economic, environmental, ecological, and other factors at the international, federal, regional, and corporate levels into account”, Mr. Chekunkov added.

Russian President Vladimir Putin has approved the framework of the Russian Federation national policy in the Arctic Region until 2035. The relevant decree was published on Thursday. The creation of a unified statistical and information analysis system to monitor social and economic development of Russia’s Arctic zone and manage such development has been named as one of the key mechanisms for the implementation of the national policy in the Arctic Region.

The Far East Development Fund was established by Vnesheconombank (VEB.RF) to boost the development of the Russian Far East and Arctic zone. The Fund facilitates the investment inflow by providing soft (5% p.a. in Rubles) and long-term financing for priority investment projects and develops digital industry-specific facilities.

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