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AFP
Moscow
Russian President Vladimir Putin is promising to invest tens of trillions of rubles in the country’s dilapidated infrastructure and other sectors over the next five years in a bid to kickstart anaemic economic growth.
Russia’s new Prime Minister Mikhail Mishustin, who was appointed by Putin last week, vowed to shift into a higher gear with these “national projects”.
Unveiled at the start of 2018, the projects have more or less stalled.
The Kremlin’s aim is to achieve annual gross domestic product growth of four percent, an ambitious goal alongside the World Bank’s forecasts of 1.6-1.8 percent for 2020-2021.
Putin has earmarked 25.7 trillion rubles (375 billion euros or $414 billion) for investment in virtually all sectors -- digitalisation, demographics, ecology, education, roads, culture and health -- from now until the end of his current mandate in 2024.
The bulk of the money will come from public coffers -- including from a VAT increase last year -- and about a third from private investment.
Mishustin told ministers of his new government, approved by Putin on Tuesday, to submit proposals on implementing the national projects by February 20.
- Infrastructure -Russia is the world’s biggest country by surface area, but is plagued by ageing infrastructure unable to cope with the demands of globalised trade.
Around a quarter of the total investment budget is therefore being set aside for improvement of rail, air, road, shipping and inland waterway links.
Modern motorways are being built, one of the first of which will be a 300-kilometre (185-mile) route linking Moscow and Kazan to the east of the capital.
A detailed blueprint for developing Russia’s rail networks has been approved, including an expansion of the foreign activities of national rail company RZD and the construction of high-speed lines.
Russia is also planning to complete or build a number of gas and oil pipelines, and develop shipping routes towards the Arctic, made more accessible and navigable by climate change.
- Ecology -Around 16 percent of the total investment is being earmarked for ecology, as the world’s number four most-polluting country starts to wakes up to the challenges and problems of the destruction of the environment.
The authorities want to cut by 20 percent emissions in cities with the highest air pollution by 2024.
A number of national parks are also being created and efforts made to reduce discharges of waste water into Russia’s mighty Volga river and its Baikal freshwater lake.
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23/01/2020
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