Businesses, putting at least $4 million into Arctic projects in Yakutia, may receive non-refundable subsidies of up to 20% of the investments, according to the regional Economy Ministry

Expected investments in promising projects in Yakutia’s Arctic districts amount to over 200 billion rubles ($2.7 billion), the regional Economy Ministry’s press service told TASS on Monday, April 13.

The Russian government has put together requirements for investment projects in the Arctic zone, where infrastructure facilities may be subsidized. Businesses, putting at least 300 million rubles ($4 million) into Arctic projects, may receive non-refundable subsidies of up to 20% of the investments. From April 15, the Ministry for the Development of the Far East and Arctic will embark on the selection of the Arctic projects, which will receive state incentives for the creation of the infrastructure.

"The amount of expected investments in promising Arctic projects in Yakutia, which may be cleared for the infrastructure support, is more than 200 billion rubles, of which more than 30% are private investments," the press service said. "The projects will offer more than 2,000 new jobs."

The biggest projects have to do with deposits' development: the Tomtor deposit of rare metals, the Tirekhtyakh alluvial tin deposit, the Prognoz silver deposit (Polymetal), the Kuchus gold deposit and the Molodinskoye and Ebelyakhskoye diamond deposits (Almazy Anabara), the press service added.