Sunday, August 20, 2017

Nonprofit Monocities fund to aid developing, struggling towns

At a Russian government meeting concerning the federal budget for 2014-2017, Nikolai Podguzov, deputy economic development minster, announced developments on a nonprofit Foundation for Development of Company Towns.

Prime Minister Dmitry Medvedev said the Monocities Development Fund will have approximately $635,130 available to donate in 2017. For 2014, the fund will have around $561,000. The amount will increase over the next three years.

Medvedev first announced plans for a Development Fund to assist transportation, utility and infrastructure for businesses in September. The list of towns receiving funds includes 313 municipalities, with 75 in dire socio-economic straits.

"The main thing is to make the living conditions of people in cities more comfortable,” Medvedev said. “These issues will fund the development of company towns. In late September, the decision was made to that effect. Today, we look at the issue of providing fund subsidies from the federal budget. Money is generally allocated fairly significantly.”

Organizations in this story

Sverdlovsk Investment News Yekaterinburg, Sverdlovsk Oblast

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