The head of the Russian Direct Investment Fund Dmitriev proposed to create an investment fund for the development of the Arctic

Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), proposed creating an investment fund for the development of the Arctic. He expressed the relevant initiative on March 26 at a joint meeting of the commissions of the State Council of the Russian Federation within the framework of the international Arctic forum "The Arctic — the territory of dialogue".

He stressed that the Arctic region and the Northern Sea Route are not only a strategic asset of Russia, but also an investment one. According to him, it is necessary to invest a lot in these assets.

"In principle, we would propose to create, perhaps, a separate Arctic infrastructure fund or a separate Arctic investment fund in order to <...> projects (on the development of the Arctic. — Ed.) to support. We believe that many of them can also be implemented with concession mechanisms," he said.

According to him, the Arctic investment fund could also support technologies that were extremely necessary for development. Among the important elements of the development of the Arctic region, the head of the Russian Direct Investment Fund named infrastructure, technology and financing mechanisms.

Dmitriev stressed that the Arctic and the Northern Sea Route, among other things, are a global resource base. He specified that 13% of the world's proven oil reserves and about 30% of gas reserves are stored in the territory.

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At the same meeting, Nikolai Patrushev, Assistant to the President of the Russian Federation, Chairman of the Maritime Board, announced the growing strategic importance of the Arctic for Russia against the background of the current military and political situation. He called the acceleration of the economic and infrastructural development of the Arctic zone, as well as the preservation of state sovereignty over the territory of the region, a priority task for the national interests of the Russian Federation and the security of the Arctic.