VEB, VTB create first equity fund of up to 50 bln rubles

ST. PETERSBURG. June 16 (Interfax) - VEB and VTB intend to create an equity fund to invest in Project Finance Factory projects.

The announcement was made during the St. Petersburg International Economic Forum.

The fund will be up to 50 billion rubles, with VTB providing two thirds and VEB up to one third, VEB said.

The fund will invest up to 10% of a project budget, the initiator at least 10%, and lenders within the Project Finance Factory framework will provide up to 80% of a project's budget.