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    Russian Fund in Talks With Japan's Bank on Priority Development Area in Far East

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    The Russian Far East Development Fund and the Japan Bank for International Cooperation are assessing the possibilities for creating a priority development area in Russia's republic of Yakutia.

    MOSCOW (Sputnik) — Russia’s Far East Development Fund (FEDF) and the Japan Bank for International Cooperation (JBIC) are exploring possibilities for establishing a priority development area (PDA) in Russia's Yakutia, FEDF director Alexei Chekunkov said Friday.

    "JBIC acquired a bolstered mandate this year allowing it… to participate not only with credit resources, but to enter into the shared capital as well. They proposed to focus on the PDAs and the free port of Vladivostok, we will provide information on the resources in each of the territories, and the bank will provide us with a list of Japanese companies interested in investing in a particular sector… There is interest [to invest] in the tourism sector projects, we are discussing the possibility of establishing a PDA for the development of the natural resources in south Yakutia with JBIC," Chekunkov told Kommersant newspaper in an interview.

    He added that the Japanese side is interested in participating in timber industry, projects in oil chemistry, medical services and fishing industry.

    The Russian government has approved the creation of 13 priority development areas in the Far East since the law on PDAs came into force in early 2015.

    Related:

    Russia Plans to Launch Three More Priority Development Areas in Far East
    Russky Island to Become Priority Development Area Once Investment Secured
    Tags:
    priority development area (PDA), Japan Bank for International Cooperation (JBIC), Russia’s Far East Development Fund (FEDF), Yakutia, China, Russia
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