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One billion RUB for modernization of Severodvinsk

Severodvinsk (photo: severodvinska.net)

Russian federal authorities have decided to allocate 973 million RUB for the industrial modernization and diversification of Severodvinsk, Russia’s northern engineering capital.

Location

A governmental commission under the leadership of Deputy Premier Igor Shuvalyov has decided to allocate the extra funding to Severodvinsk. The money will be transferred in the close future, government sources say, Regnum reports.

The money will be spent in line with the priorities of a local development program, which highlights the need to diversify local industry.

Severodvinsk, world-known for its construction and repair of nuclear powered submarines, is the engineering capital in northern Russia. The city has two of Russia’s biggest shipyards, the Sevmash and Zvezdocka, but is short of alternative industries.

Read also: Developing Severodvinsk

With new federal money are believed to help local authorities diversify local economy and overcome status as “monogorod”. The money are to be spent on 16 projects, among which are investment project on the transformation and modernization of local production facilities. They are also to be spent on the development of local transport infrastructure, Regnum reports.