Rusnano, Zhongrong launch $500 mln fund
MOSCOW. Jan 19 (Interfax) - Rusnano , the Russian nano-industry corporation, and China's Zhongrong International Trust are launching the $500-million Rusnano Zhongrong United Investment Fund, Rusnano said in a statement.
"Zhongrong is one of the biggest financial institutions in the Asia-Pacific region specializing in direct investment and has successfully invested in large-scale innovation projects," said Anatoly Chubais, the head of Rusnano. "The purpose of our partnership is to set up competitive production not just for the Russian and Chinese markets but also the global market," he said
The partners will invest the money in equal contributions and form a joint management company.
The new fund will finance projects for the use, development and transfer of technologies to Russia during their growth stage. Projects must be related to the power and oil and gas industries, and to microelectronics and biotechnologies.
It is thought around 70% of the fund's investment will be used to finance projects and project companies operating in Russia, and the rest in China and other countries.
