VEB mulls opening office in Vladivostok, assessing costs - Shuvalov

VLADIVOSTOK. Sept 5 (Interfax) - VEB is considering opening an office in Vladivostok and will assess how much this might cost, the head of the Russian state development corporation, Igor Shuvalov said.

"We're discussing the possibility of opening an office in Vladivostok that will work on Arctic and Far Eastern matters. Some of our pessimists are saying how are you going to organize work, since there's a big time difference. I think that VEB, thanks to the office in Vladivostok, will be able to work 24 hours a day. So this thing is doable," Shuvalov said at a session at the Eastern Economic Forum (EEF).

"We just need to understand how much this will cost us. We can spread these expenses over one financial year or two. But the project is certainly good. And what's more there's a university here [forum host Far Eastern Federal University]. The workforce is in place. We will thus pull young people to our agenda," Shuvalov said.

President Vladimir Putin proposed at an Arctic forum in March to establish a VEB-based project office to tackle Arctic infrastructure development challenges that require big investments.

VEB deputy head Artyom Dovlatov said at the EEF that is project office has been created and it is focusing on attracting investors and international partners and raising extra-budgetary financing.