Rubles for the Arctic Council
Russia allocates €10 million to the Arctic Council over the next two years.
The Russian Government will today discuss the question of concluding a treaty between Russia and the Nordic Environment Finance Corporation (NEFCO) on participation in the Arctic Council’s Project Support Instrument (PSI), B-port reports.
Signing of the agreement will take place during the Arctic Council’s Ministerial Meeting in Nuuk, Greenland on May 12. Russia’s contribution to PSI will be €10 million in the period 2011-2013.
The Project Support Instrument (PSI) was established by the Arctic Council in March 2005, and is a financial initiative that aims to focus on actions preventing pollution of the Arctic. The PSI is a mechanism for financing specific priority projects already approved by the Arctic Council, NEFCO’s website reads.
