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Mr Bazhayev informed the President that his group of companies plans to make a grant of $50 million for carrying out a number of health and education programmes in the North Caucasus, including in Chechnya.

Mr Bazhayev said that these funds would be spent in particular on reconstruction of the Oil Institute in Grozny. Some of the funds would also be spent on building hospitals and schools in the Achkhoi-Martan District, Mr Bazhayev said.

Mr Putin approved Mr Bazhayev’s initiative.