FEDF to Provide a Fifth of the Necessary Amount to Counter the Coronavirus Disease in the Far Eastern Federal District

The Far East and Arctic Region Development Fund (FEDF, affiliated with VEB.RF) will provide RUB 200 mln out of RUB 1 bln required to procure personal protective and other items of equipment for healthcare facilities in the Far Eastern Federal District to counter the coronavirus disease, TASS reporters were told by the Fund’s press office on Friday.

The instruction to allocate RUB 1 bln to those purposes was issued by Yuri Trutnev, Deputy Prime Minister of the Russian Federation — Plenipotentiary Envoy of the President of the Russian Federation to the Far Eastern Federal District. 24 cases of the disease have been recorded in five out of eleven regions of the District.

“The Fund’s contribution amounts to RUB 200 mln”, the agency was told by the Fund’s representative.

The regions will receive the money from the FEDF as part of the first tranche amounting to RUB 250 mln. The outstanding amount will be provided by Polyus, Russia’s largest gold producer. The rest of RUB 750 mln is supposed to be raised from other sources. Large companies that either implement investment projects or run industrial assets in the macroregion have been invited to join in.

The FEDF was established to boost the development of the Far Eastern region and Arctic zone of the Russian Federation, facilitate the investment inflow by providing soft (5% p.a. in Rubles) and long-term financing for priority investment projects, and develop digital industry-specific facilities.