Dmitry Medvedev approves creation of road fund

President Dmitry Medvedev has made a decision on setting up a national road-building fund to build and repair motorways.

Deputy Prime Minister, Finance Minister Alexei Kudrin has told a news briefing that the fund in question will be operational as of next year to finance projects to the tune of 377 billion roubles.

In May Prime Minister Vladimir Putin first spoke of the need for setting up a national road fund.

A draft law to that end provides for financing the fund through the use of part of taxes, such as the transport tax and the fuel excise tax.