Russian government looking for investors for the support of monotowns

Alexander Khudilainen, the governor of Karelia, which is a center of Russia’s pulp and paper production, has officially reported to Russia’s President Vladimir Putin that he has found investors for the support of several monotowns, which citizens were on the brink of survival, due to financial problems of local city-forming pulp and paper mills. According to Khudilainen, the period from late 2012 to March - April 2013 became very serious for local large pulp and paper mills, which practically stayed idle due to financial problems. According to him, so far investors for two large local pulp and paper mills were found and in particular for Pitkärantsky plant, Kondopoga and Segezhsky plant. In the latter case, the needed funds will be provided by Russian financial conglomerate AFK Systema. In the meantime, Vladimir Putin said that it will continue to closely monitor the situation around the country’s largest pulp and paper mills.