Russian govt. to spend $9bn for rural development

PanARMENIAN.Net - The Russian government will spend 300 billion rubles ($9 billion) on a new state program to finance social development in the countryside in the next three years, Prime Minister Dmitry Medvedev said on Wednesday, July 10, according to RIA Novosti.

The program will run from 2014 through 2017.

“Total financing will reach almost 300 billion rubles, of which 90 billion rubles will come from the federal budget, 150 billion rubles from consolidated regional budgets and slightly less than 60 billion rubles from extra-budgetary sources,” Medvedev said.

Funds from the federal budget will go to the regions in the form of subsidies, while regional governments will have to prepare their own programs based on plans for developing local agribusiness, Medvedev said.

The program will also include grants for local initiatives to improve rural infrastructure, preserve natural landscapes and revive local cultural traditions and folk crafts. The program plans to support 775 such projects, Medvedev said.