2 Sep 2009 16:47

Decision on long-term funding for Rusnano expected soon

MOSCOW. Sept 2 (Interfax) - Rusnano, the Russian state nanotechnology corporation, expects the government to publish a decree on funding for the corporation in the period to 2015 during October, Rusnano chief Anatoly Chubais told reporters.

The decree will set down the terms for Rusnano to issue bonds to raise additional funding, among other measures.

"The decree with long-term figures on funding for Rusnano ought to be issued soon, perhaps in October," Chubais said.

Chubais said that this document foresees both budget and extra-budget sources of funding for Rusnano, including bonds that Rusnano will issue under government guarantee. The government guarantee "is a powerful factor in support" for Rusnano, he said.

He said that at this stage of the formation of the state corporation the Russian state had injected 130 billion rubles into Rusnano's capital. However, owing to the current financial crisis, a decision has been made to temporarily return a portion of these funds. Chubais said that the corporation should return 85 billion rubles. "No more than three years [for this]," Chubais said.

Commenting on the possible timing for bond issues, Chubais said that this would depend on market trends and Rusnano's readiness for placement. "The market does not believe words. It believes in figures," he said. He added that the company hopes to sign an order in the near future regarding efforts to prepare the bonds placement. "We should be ready [for the issue] at the end of the year," Chubais said.

Chubais also said that Rusnano was currently working the General Procurator's office, which had been instructed by the head of state to audit all state corporations and provide its recommendations for maintaining or changing their organizational and legal forms. "I have met with the team [from the General Procurator's Office]. We are providing them with all information," Chubais stressed, adding: "We are absolutely ready to become a shareholder company with 100% state ownership." This, he said, would positively reflect on the company's bonds.