Support The Moscow Times!

Russia's Development Fund to Spend $24Bln on New Highways, Airports — Media

Anton Kardashov / Moskva News Agency

The Russian government reportedly plans to invest 1.6 trillion rubles ($24 billion) on infrastructure including new airports and highways over the next three years.

President Vladimir Putin set ambitious domestic policy goals for his new six-year term following his inauguration in May, with an estimated price tag of 8 trillion rubles ($120 billion). A 3.5 trillion ruble ($52.3 billion) development fund was created in the summer to cover infrastructure spending by 2024 as outlined in Putin’s May decrees.

According to a 2019-2021 draft budget bill reviewed by the RBC news website on Wednesday, the fund will finance around 170 construction and other projects.

These include renovating and building new sections of roads connecting Moscow to other major cities in the Urals through the M5 highway.

Airports will be built or upgraded in a number of northern, central and Far East cities and regions, according to RBC. Severny (Northern) airport in the Chechen capital of Grozny will see some of the most expensive renovations with a six-year price tag of 15.7 billion rubles.

Outside the country, almost 12 billion rubles from the development fund will be allocated in 2019-2022 on a Suez canal industrial zone that Egypt and Russia had agreed to build in May.

Infrastructure spending will gradually increase in the next six years from 410 billion rubles in 2019 to 650 billion in 2024, RBC reports.

Reuters contributed reporting to this article.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.