The Russian government is ready to allocate 15 billion rubles for investment development of the North Caucasus, the country's Ministry of Economic Development said.

"Within the framework of the unification of development institutions in the North Caucasus, costs have been optimized over two years by 1.5 billion rubles. Balances in the accounts of the North Caucasus Development Corporation, taking into account this year's additional capitalization, will amount to about 15 billion rubles," the report says.

Head of the ministry Maxim Reshetnikov said that funds will be directed to investment development of the region, including through new support measures.

"We offer to implement the mechanism of risk sharing together with banks, that is, under partial guarantees of the corporation, companies will be able to obtain large-scale loans for investment purposes. Second - a single development institute will build the infrastructure to create industrial parks. The third - the investors who have invested in the development of infrastructure for their projects will be partially reimbursed the costs, provided that the company itself will work. All this work with investors is a "one-stop-shop", - said the Minister.

The second systemic problem is a high share of the informal economy, Reshetnikov noted. According to him, industry clusters have formed in the regions, which are largely "in the shadows".

"We offer to create in each subject industrial platforms, so-called white zones and to concentrate there all measures of support that the business came there and was legalized. Today, the main requirements of business are the infrastructure for projects and the availability of financing. The industrial parks take into consideration all these needs. The infrastructure within the sites will be built by the North Caucasus Development Institute. We will build the underlying infrastructure together with the regions," he said.

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Author: Karina Kamalova