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 Lack of financing for road projects in Leningrad Province

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PostSubject: Lack of financing for road projects in Leningrad Province   Mon Jun 25, 2007 1:09 pm

Lack of financing for road projects in Leningrad Province


The value of unfinished road construction projects in Leningrad Province continues to rise, which is reducing the effectiveness of budgetary financing for such projects, the Accounts Chamber of the Russian Federation warned.
Specialists recently conducted an audit on the distribution of financing for road construction investments in 2002-2005. The results show that throughout this time period, the value of unfinished road construction projects increased 1.3 times to stand at RUB 1.27bn (37m) by the end of 2005. The auditors also mentioned a substantial shortage of cash for essential road repairs in the region: by the end of 2005, the amount of money still required totalled RUB 6.6bn (194m).
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