Tatarstan’s Innopolis to receive $670 million in investments

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The Republic of Tatarstan is confirming its commitment to innovation with plans to invest heavily over the next two years in the engineering and transport infrastructure of Innopolis, an “innovation city” under completion near the capital Kazan.

Tatarstan will put up a significant part of the total investment, which has been estimated at 20 billion rubles (approximately $670 million). The federal government and co-investors are expected to contribute the remainder.

The Innopolis will cover an area of 20 sq.km. and will support a business and professional community of more than 150,000 people. The highlight of the city is expected to be the IT Park, which hopes to draw 10,000 of the top programming and technology minds in Russia. In addition, there will be several amenities such as an IT University, a residential campus, schools, and medical, recreational and sports facilities.

Tatarstan is one of the most affluent regions in Russia, and is growing at a rapid rate. The 2009 construction of the IT-Park – the biggest of its kind in Eastern Europe – was a major event in the recent development of the area as an investor paradise.

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