Russian PM Inks Ruling to Invest 15 Billion Rubles in Government Venture Fund

Lately, there has been a spate of news from Russia (with love, of course!) on nanotechnology.

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Nanoguru.

Russian PM inks ruling to invest 15 bln rbl in govt venture fund

MOSCOW

Aug 25, 2006

(Prime-Tass)

 

Russian Prime Minister Mikhail Fradkov has signed a ruling to invest 15 billion rubles in the Russian Venture Company, a governmental venture capital fund, in 2006-2007, the government's press office said Friday.

Under the ruling, the government is expected to contribute 5 billion rubles from its Investment Fund to the company's charter capital in 2006 and another 10 billion rubles next year.

The Russian Venture Company will finance projects in information technology, telecommunications, biotechnology, medicine, nanotechnology and power generation.

The government is expected to hold 100% in the Russian Venture Company.

The Russian Venture Company is expected to allocate the government's share of investments into sector-oriented venture funds. The government will be responsible for 49% of the money accumulated in the sector-oriented venture funds, which will represent from 600 million rubles to 1.5 billion rubles depending on the fund.

Russian President Vladimir Putin has repeatedly called for developing IT and high-tech industries and supported the establishment of the Russian Venture Company.

(26.7863 rubles - U.S. $1)