KURILSK, September 24 (RIA Novosti) – The amount of financing for Russia's Federal Target Program to develop the far eastern Kuril Islands for 2016-2025 will reach $1.6 billion, Kremlin chief of staff Sergei Ivanov said Wednesday at a meeting with Kurilsk residents.
"Its [the federal program's] projected volume is around 64 billion rubles [$1.6 billion]," Ivanov said.
He added that almost a half the amount would be allocated from the budgets of the Sakhalin Region and its municipalities, and from private investors. The official stressed that the government would discuss the project soon.
In addition, Ivanov noted that a similar program, scheduled for 2007-2015, is currently being carried out. It is valued at $720 million.
The Kuril Islands are located between the Okhotsk Sea and the Pacific Ocean, stretching from Russia's Kamchatka Peninsula to the Japanese island of Hokkaido. The Southern Kurils are subject to a territorial dispute between Russia and Japan, with Tokyo claiming them to be its Northern Territories. The disputed islands were given to the Soviet Union following Japan's defeat in World War II.