Medvedev has pledged 235 billion rubles Caucasus from the federal budget

At the first stage of the program of development of the North Caucasus in seven years will be spent 235 billion rubles from the federal budget. As informs "Interfax", said Prime Minister of Russia Dmitry Medvedev.

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State Program for Development NCFD The three-step process. The first runs from 2013 to 2020. According to Medvedev, the final stage will require further definition of the scope and sources of funding.

The Prime Minister added that the results of the program must be judged by the growth of gross regional product, foreign and domestic investment to create new jobs and small and medium businesses. Medvedev noted that much of the money will be spent on construction of social facilities.

According to RIA Novosti, the program development of the North Caucasus, was approved on December 13. It stipulates that the region will receive up to 2025 2.5 trillion rubles, 90 percent of these funds must come from extra-budgetary sources. Under the agreement, the gross regional product NCFD to grow to six trillion rubles a year, and annual investment — up to two trillion.

At the cabinet meeting, which adopted a state program, Deputy Prime Minister and presidential envoy to the North Caucasus Federal District Alexander Khloponin said that the development of the Caucasus may be sent additional revenue. According to him, in case of excess revenues to be spent on the implementation of already planned projects. He recalled that during the crisis were partially sequestrated program "South of Russia" and the socio-economic development in Chechnya and Ingushetia.

Recently, authorities announced several investment projects in the North Caucasus, the largest of which is the creation of a tourism cluster. Corporation engaged in the project "Resorts of the North Caucasus", which attracts private investors (mostly foreign). Corporation managed to conclude an agreement with investors in the amount of more than 10 billion euros.

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