Russia has hundreds of so-called monogorods, or company towns. The towns are built around one single factory, and still remain dependent of theone-single factory. Few alternative work-places exist, and the environment for investments into smaller innovative companies is lacking.
In the Russian part of the Barents Region, it is especially Murmansk Oblast that has many such company towns, but such town exists in Arkhangelsk, Komi and Karelia as well.
The two billion rubles (€50 million) subsides to establishment of small and medium-sized business in company towns was announced by Russia’s Minister of Economic Development Elvira Nabiullina today, reports Itar-Tass.
Another two billion rubles (€50 million) in subsidies will be provided to innovative companies in Russia.
