Dmitry Pumpyansky, chairman of the Coordination Board of the Union of Industrialist and Entrepreneurs of the South Federal District
Photo: Konstantin Vorobiev
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North Caucasus Republics Consolidated into Corp
Big business suggests creating a Corporation for Russia’s South Development, where the governments of a few North Caucasus Republics will have the majority stake. The Corporation will be making out bids for injecting the Investment Fund’s money into big infrastructural facilities, which are expected to fuel the projects of Sinara, Eurocement, Interros and UGMK.
It was Dmitry Pumpyansky, chairman of the Coordination Board of the Union of Industrialists and Entrepreneurs of the South Federal District, that suggested creating a Corporation for Russia’s South Development in Cherkessk Friday.
“It will initiate transport and energy projects that could be funded by the money of Investment Fund. It will be established as an open joint-stock company and controlled by the state represented by six to seven regions of South Federal District. The first project of the Corporation will be Cherkessk-Adler automobile road. The corporation needs half a year to make out documents for bidding in the tender for money of Investment Fund," the official explained.
According to the minutes of that meeting in Cherkessk, the corporation could be co-founded by Karachaevo-Circassia, Kabardino-Balkaria, North Ossetia, Adygeya and the Stavropol Region.
The idea of establishing a corporation as a lever of project implementation emerged in time of elaborating the strategy for southern Russia’s development, said Igor Vdovin, chief of Russian Union of Industrialists and Entrepreneurs' Committee for Government & Private Partnership and Investment Policy. The masterminds canvassed the idea with Regions Development Minister Dmitry Kozak, people in the ministry confirmed, specifying, however, that speaking of the ministry’s support would be premature.
Economic analysts don’t see the need to create such corporation, reasoning any consulting company may prepare the documents for a definite project and the regions and companies would better jointly pay for its services.
www.kommersant.com
All the Article in Russian as of Mar. 31, 2008
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