By Andrei Skvarsky.
Nearly 90 per cent of recent investments into Moscow’s economy has been private money, a deputy mayor announced last week.
“In 2015, a total of 1.612bn roubles [$24m at that year’s average exchange rate] was invested into the city. Eighty percent of the investments in the city were private, and if one includes real estate that was built, the construction of 88 per cent of it had been funded by private investors and only that of 12 per cent by the state,” Moscow regional news agency RIAMO quoted Marat Khusnullin, deputy mayor for urban development and construction, as saying during the Moscow Urban Forum, a large-scale annual urban development conference in Moscow.
State investment is needed as start-up capital, according to Khusnullin.
“Today the volume of [state] investments is quite high, more than one trillion roubles [about $16bn roubles at the current exchange rate] for the next three years. Mainly they are investments into the transport infrastructure,” the official said.