OREANDA-NEWS. September 25, 2012. As previously reported, in July the Government of the republic has enterd the agreement on one of the most important and large-scale project of Complex Reconstruction of Water Supply and Drainage Facilities in Petrozavodsk aimed to meet the requirement of dwellers of the capital of Karelia in fresh water.

Within the scope of implementation of the project the republic receives significant investments of international financial organizations – Nordic Environment Finance Corporation (NEFCO) and Nordic Investment Bank (NIB), and free-of-charge grants on modernization of sewage-purification facilities.

It should be mentioned that Karelia enjoys confidence of foreign investors also for high assessment of creditworthiness of the republic by Fitch Ratings, one of the leading international rating agencies, which confirms that competent and clear debt policy is pursued in the republic, and the assumed obligations are performed in full and in time.

It is obvious that investors always have heightened interest towards sustainable regions. In turn, the republic has got plans of further cooperation with international financial organizations, for which purpose experience of constituents in the Russian Federation is studied concerning implementation of investment projects involving financial assistance from abroad in the sphere of municipal services, including switching boiler-houses to more efficient fuel. Such credit programs are also presented by Nordic Environment Finance Corporation (NEFCO).

To discuss prospect of cooperation, on September, 18 Igor Usynin, Deputy Head of the Republic of Karelia and Minister of Finance of the Republic of Karelia, met with Kari Homanen, Vice President, NEFCO, Arto Nuorkivi, Managing Director, Finnish-Russian Energy Club, Henrik G.Forsstrom, Senior Adviser, and Amund Beitnes, Investment Manager.

During the meeting prospects of mutually advantageous cooperation in the field of ecology, efficient use of energy resources, heat-and-power engineering have been planned.

Minister of Finance has emphasized that the republic is interested in investments to, first of all, problem territories, such as Kem, Louhi, Nadvoitsy, Suojarvi. Also there is interest to projects of development and use of alternative kinds of fuel, for example, peat. Projects should be, first of all, financially requited, and supported with corresponding financial grants.

Igor Usynin has mentioned that the state support of investment projects may not be necessarily rendered in the form of the state guarantees. For example, serious innovations in the sphere of the most-favoured status for investors are provided by amendments to the regional law On the State Support of Investment Activity in the Republic of Karelia.