Moscow will be one of five global financial centers by 2025, Moscow Mayor Yuri Luzhkov, 2nd right, vowed at today’s international conference on Moscow development.
Photo: Vasily Shaposhnikov
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Moscow to Join the League of 5 Financial Capitals
Moscow will be one of five global financial centers by 2025, Moscow Mayor Yuri Luzhkov vowed at today’s international conference on Moscow development.
Moscow will advance in two stages, Luzhkov specified. “At the first stage, it is necessary to set mid-term aims for ten years. Moscow will turn into the biggest financial center during their accomplishment. Long-term aims of the second stage, from 15 to 20 years, are creating an international financial center in Moscow, which will be one of five financial capitals of the world,” the mayor pointed out.
“The capital has a full set of characteristics to play a role in the international system. Over 75 percent of Russia’s commercial banks have concentrated in the capital,” the mayor emphasized.
The city will spend more for the traffic infrastructure in 2008, as it is “the most vital condition of development.” The appropriations for metro construction have grown nine fold vs. 2004.
Moscow won’t be recognized as a global financial center without high level of social support of the residents, the mayor said. “Four years ago, our budget was $15 billion, but it is $50 billion now and more than a half of the amount goes for the social support of the population.”
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