EC to spend $520 million on regional projects with Russia

Moscow, May 23 (UNI) The European Commission will allocate nearly 400 million euros on projects to foster regional cooperation with Russia during 2007-2013, the European regional policy commissioner said today.

"Europe, like Russia, is facing major challenges," Danuta Hubner told journalists in Moscow after signing a Memorandum of Understanding with Russian Minister for Regional Policy Vladimir Yakovlev.

"Both the EU and Russia have benefited from globalization, but we must put in place policies that ensure the benefits of globalization are widely shared," she said, Ria Novosti reports.

"We intend to allocate about 400 million euros for joint regional projects in 2007-2013," she said, adding that her counterpart Vladimir Yakovlev had accepted an invitation to participate in a seminar in Brussels in October on the international dimension of regional development policy.

The agreement signed today will enhance bilateral regional cooperation, facilitate the exchange of information on policies that promote regional development and competitiveness, and contribute to balanced national development, Hubner said.

The Russian Regional Development Ministry headed by Yakovlev is a federal executive body charged with accelerating regional economic growth, raising living standards, resettling Russians living abroad and implementing municipal government reforms.

UNI