Govt working on creation of direct foreign investment funds with VEB
MOSCOW. May 20 (Interfax) - The Russian government is working up the ides of creating funds for direct foreign investment in Russia jointly with Vnesheconombank (VEB), Economic Development Minister Elvira Nabiullina said.
"We are currently working on the idea of various types of joint direct foreign investment funds. Primarily with VEB, but perhaps with direct foreign investment funds, where there might be a small state stake, and also funds that might be formed by private companies," she said.
There should be more than one such fund, "that would have Russia investors, including state investors, and foreign investors for direct investment in our company."
"In my view, this [the joint funds] is a key instrument that we must create. Aside from a favorable investment climate, this financial mechanism [is needed]," she said.
It is still too early to speak of the parameters of these joint funds, she said. "We have made a fair amount of progress, including the search for partners to form this fund," she said.
Rusnano is also conducting such work on such funds, "but naturally those specializing in nanotechnology."
The work has shown that no legal amendments will be needed. "It is more a question of finding partners and agreeing the terms of operation," she said.