Russia will provide Abkhazia financial assistance worth over 10 billion rubles ($330 million) in the next three years, Russia's ambassador to the former Georgian republic said Thursday.

Semyon Grigoryev said this year Abkhazia would receive about 1.9 billion rubles ($62 million).

He stressed that Russia sought to boost Abkhazia's economy not only with financial assistance but also with Russian investment.

"Needless to say, gratuitous Russian aid will keep Abkhazia's economic and social sphere going but their development should receive a real boost from serious Russian investment, primarily from large and medium-size companies," he said.

The envoy said investment activity would be facilitated by a bilateral cooperation agreement signed by the two countries in 2009.

Georgia and Russia fought a five-day war in August 2008 over South Ossetia, which was attacked by Tbilisi in an attempt to bring it back under central control. Moscow later recognized South Ossetia and Abkhazia as independent states.

Under mutual assistance treaties signed in November 2008, Russia pledged to help both republics protect their borders, and it has thousands of troops stationed in the republics.

SUKHUMI, January 28 (RIA Novosti)