‘Academic construction project currently implemented in Yekaterinburg will be applying for state backing,’ President of RENOVA Stroy Group Veniamin Golubitskiy reports.

‘All the papers have already been filed to meet the competition requirements; the same is true of the rest of our projects; Chelyabinsk-based Sun Valley, for instance, is to be based on state-private partnership. We are planning to complete five to seven such projects throughout Russia,’ Mr. Golubitskiy says.

The Russian Federation Government published decree 242 regarding distribution of federal subsidies meant for building roads in newly founded municipal districts on April 19, 2007 and decree 265 regarding experimental investment projects in the field of housing construction on May 5, 2007. Both acts aim to support Russian builders.