The Titanium Valley to get more than three billion rubles in federal investment
17.12.2012 — News
Russian officials are prepared to allocate 3.25 billion rubles to build the Titanium Valley special economic zone in the Sverdlovsk region. The Russian Ministry of Economic Development has approved a plan to finance the construction of the first phase of the zone, at a cost of 7.67 billion rubles.
The regional government's press office told RusBusinessNews that the 1.3 billion rubles that is needed to build the self-financing infrastructure facilities will come in the form of a loan from Vnesheconombank and Sberbank. The federal government will cover 51% of the remaining amount and the other 49% will come from the treasury of the Sverdlovsk region. The first federal tranche is expected in early 2013, and until then the special economic zone will continue to be financed from the regional coffers.
Currently, sites are being prepared for the Titanium Valley's first residents, among which the VSMPO-AVISMA corporation is a prominent example. Approximately ten companies have already expressed their interest in the special economic zone, including the American corporation Praxair, which plans to spend between six and eight million euros to build a station to produce and package gases. According to the plans, by the time the first stage of the Titanium Valley is up and running in 2015, five companies will be operating within the special economic zone and another 12 will be constructing their industrial sites. It is envisioned that those firms will manufacture a total of 15 billion rubles' worth of products.
The Titanium Valley is a special economic zone for industrial and manufacturing businesses, offering a subsidized business environment for Russian and foreign entrepreneurs. The Russian government made the decision in December 2010 to locate the zone in the north of the Sverdlovsk region, at a cost of over 150 billion rubles. The Titanium Valley is included in a federal register of programs intended to further the development of the Urals Federal District from now until 2020.
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