Moscow to spend $12.8bn on development in 2011
Some 25% of Moscow`s 2011 budget will be spent on infrastructure projects, a deputy mayor of the Russian capital, Vladimir Resin, said.
The city will spend around 360 billion rubles ($12.8bn) of its 1.4 trillion rubles ($49.7bn) budget for 2011 on developing the city, Resin told investors at the MIPIM international trade show in the French city of Cannes.
Resin is heading the Moscow government`s delegation to the fair, which runs from March 8-11.
Special attention is to be paid to development of transport, road and hotel construction, Resin said, adding that 75 km (47 miles) of subway lines are to be built in the next five years.
Moscow Mayor Sergei Sobyanin has identified solving the city`s transport problems as a key issue on his agenda. During his first week as mayor in late 2010, he pledged to take "extraordinary measures" to eliminate traffic jams. President Dmitry Medvedev said he would personally oversee the effort.
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