RF Ministry of Economic Development to allocate RUB 2.8 billion for creation of port SEZ in Astrakhan Region
The subsidies will be provided in 2021-2022 modernization of Olya port’s berths and construction of a new seaport
The Ministry of Economic Development of the Russian Federation says it will allocate RUB 2.8 billion for creation of port SEZ in the Astrakhan Region by 2022.
The issue of Astrakhan SEZ was considered at the meeting of the dedicated working group chaired by Yury Trutnev, Deputy Prime Minister of the Russian Federation. The project is to be implemented in two phases. The Ministry of Economic Development offers allocations to finance the first phase that foresees modernization of the existing terminals of Olya port. The allocations for the second phase will be based on the first phase results. The second phase foresees the construction of a new container terminal on the Caspian Sea.
“More than RUB 257 million are to be allocated for the first phase of port SEZ in 2020. In 2021-2022, the Ministry of Economic Development of the Russian Federation will provide RUB 1.1 billion of subsidies to the Astrakhan Region for land development and modernization of Olya port’s berths and RUB 1.4 billion for creation of a new port. Those allocations are covered by the draft federal budget”, said Sergey Galkin, Deputy Minister of Economic Development.
There are five anchor residents of the SEZ set to implement investment projects on construction and operation of seaport infrastructure and logistics activities. The scope of announced investments is RUB 17.26 billion. Port SEZ in the Astrakhan Region will trigger the development of the North-South transport corridor’s potential and will enhance the competitiveness of Russian ports on the Caspian Sea. By the end of 2030, the SEZ will number at least 26 residents which are to generate at least 1,000 jobs.
The draft decree on creation of port SEZ in the Astrakhan Region was submitted by the Ministry of Economic Development to RF Government in early October 2020. The project on creation of a port SEZ on the Caspian Sea is supported by Russian President Vladimir Putin.
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