Economy Ministry plans no new targeted investment projects in 2003

The Russian Economic Development and Trade Ministry is not going to start new projects within the Federal Targeted Investment Program next year, Deputy Economic Development and Trade Minister Yury Isayev announced at a meeting with journalists today. He explained there was no need to launch new projects but it would be better to concentrate on projects that could really be implemented next year.

The Deputy Minister noted that priorities for the Federal Targeted Investment Program in 2003 would be social projects. Allocations for such projects are expected to reach 40bn rubles (about $1.26bn) out of a total 61.658bn rubles (about $1.94bn) budgeted for the program. In addition, 10bn rubles (about $315m) will be allocated for culture, health care and education, 900m rubles (about $28.31m) for sciences and 10bn rubles (about $315m) for special projects including projects in the defense industry. Finally, 3.5bn rubles (about $110m) have been envisaged to be allocated for the restoration of various facilities in Chechnya.