Template-Type: ReDIF-Paper 1.0
Author-Name:Irina Starodubrovskaya
Author-Name-First: Irina              
Author-Name-Last: Starodubrovskaya
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title:   North Caucasus in 2012: Results and Risks
Abstract:  In December 2012, the Russian government adopted the "Programme for the Development of the North Caucasus Federal District (NCFD) up to 2025" (hereinafter referred to as the Programme). The total funding up to 2020 was approved at a level of 2.55 trillion RUR, and it was determined that the state budget would provide 10% of the funds, while 90% should be made up from investor funds. Note that this proportion is roughly consistent with the principle of distribution of budgetary and non-budgetary finance adopted earlier for some of the projects implemented under the Programme. Thus, of the total costs of holiday resort construction projects in the North Caucasus, 60 billion rubles out of 510 billion rubles will be financed from the budget (through the project operator: Resorts of the North Caucasus JSC (with a 98% stake owned by the Government of the Russian Federation). The State has systematically demonstrated its goal to ensure the economic development of the North Caucasus mostly through investors. They are granted tax benefits, if they register in the new special economic zones (SEZ) created in the North Caucasus, as well as government guarantees on loans grant-ed on an individual competitive basis.
Length:  20 pages
Creation-Date: 2013
Revision-Date:   2013
Publication-Status: Published Paper Series 
Classification-JEL: R10, R11, R12, R13, R14
Keywords: North Caucasus, investment, local communities, Dagestan Republic
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/156Starodubrovskaya.pdf
File-Format: Application/pdf
File-Function: Revised version, 2013
Handle: RePEc:gai:ppaper:156