Over the past and current years the Government of the Russian Federation has adopted 42 State programs which cover all sectors of the national economy and the social sphere as well as elaborated “road maps” for their execution.
The efforts of the state and corporate development institutions are aimed at the implementation of large investment, primarily, infrastructure projects.
Altogether there are 60 such projects many of which have been already completed. Several hundred projects are underway. As part of these projects the State finances the development of infrastructure whereas the industrial facilities are financed by private investments.
The President of the Russian Federation authorized the investment of 450 billion rubles from the National Welfare Fund in order to finance large transport projects such as modernization of Trans-Siberian railway, construction of high-speed railway line Moscow-Kazan, construction of Central motorway ring around Moscow.
Russia is generally characterized by execution of megaprojects which act as drivers for the national economy, stimulate markets and generate revenues of the budgeting system, often developing the whole branches of the national economy. For example:
– 300th Anniversary of Saint-Petersburg
– APEC Summit
– 1000th Anniversary of Kazan and Universiade
– Winter Olympic Games in Sochi, 2014
– FIFA World Cup in 2018, etc.
These projects are becoming the locomotives of regional development, allowing regions to increase their economic specialization and overall regional cooperation.
International transport corridors, such as Europe – Western China, the second and the ninth International Pan-European transport corridors, Northern Sea Route, will be further developed in the coming years.
Russia continues to experience problems with high wear and depreciation of fixed assets, with existing transport and infrastructure constraints, high proportion of import and commodity dependence of economy, as well as tariff levels of natural monopolies.