Ulyukayev sees little chance of funding for Rusnano from National Wealth Fund
HELSINKI/MOSCOW. April 13 (Interfax) - Rusnano's request for the allocation of 89 billion rubles from Russia's National Wealth Fund (NWF) to create a Russian-Indian investment fund is unlikely to find support, Russian Economic Development Minister Alexei Ulyukayev told journalists in Helsinki.
He confirmed that Rusnano's request for NWF funds was received. "It's unlikely that right now that we can support it," Ulyukayev said, specifying that on the whole this applies to any request for funds from the NWF in today's economic situation.
Rusnano CEO Anatoly Chubais asked President Vladimir Putin to provide financing from the NWF on a repayable basis for a period of 15 years at an interest rate of no more than 2%, with an early repayment option, a source familiar with the situation told Interfax earlier. The state nanotech company needs the funds to launch a $2 billion Russian-Indian fund which it has already agreed to create with its Indian partners.
Putin instructed his aide Andrei Belousov to explore this proposal with relevant government departments and companies, noting that it deserves attention.
"The size of this project is comparable with virtually the whole of Rusnano, and in situations where such projects can't be funded by traditional means, special solutions need to be found," Chubais told Rossiya 24 news channel at the end of March.
"Such mechanisms are currently being analyzed. It's true, frankly speaking, we are still in the early stages and active exploration with relevant ministries and agencies is proceeding," he said.
Earlier the Finance Minister Anton Siluanov said that the ministry is looking critically at new projects seeking NWF funds, but Chubais said that financing for new projects from the NWF in 2016 is unlikely.
