6– 7 September 2017

Vladivostok, Russia

News
  • AGREEMENT TO ESTABLISH FAR EAST FUND FOR THE DEVELOPMENT AND INTRODUCTION OF HIGH TECHNOLOGIES SIGNED AT EEF 2017

    13 September 2017

    A ceremony to sign an agreement to establish the Far East Fund for the Development and Introduction of High Technologies was signed during the third Eastern Economic Forum 2017. The fund will have a target size of RUB 10 billion.

    The agreement was signed by Far East and Baikal Region Development Fund CEO Alexey Chekunkov, Russian Venture Company Chairman of the Board and CEO Alexander Povalko, and RUSNANO Chairman of the Executive Board Anatoly Chubais.

    The fund, which was established based on instructions from the Russian president, will provide debt financing to Far Eastern companies that develop promising technologies, provide funding for projects involving the transfer of technologies from abroad as well as expand and modernize the production of technological products. The mechanism created should help to develop an innovative system in the Far East and expand the introduction of new technologies.

    The mechanism is being created based on instructions from President Vladimir Putin in order to develop the innovative system in the Far East and introduce advanced technologies. The Fund will make it possible to simultaneously unite the resources of three development institutions. The fund will have a target size of RUB 10 billion, including RUB 4.9 billion during the initial stage.

    The new investment fund will provide debt financing to Far Eastern companies that develop promising technologies, provide funding for projects involving the transfer of technologies from abroad as well as expand and modernize the production of technological products. The mechanism created should help to develop an innovative system in the Far East and expand the introduction of new technologies. The fund’s target audience currently include approximately 30 companies.

    “The classical mechanism was used to create the fund: it is essentially a venture investment fund. It targets two groups of projects: venture projects with volume up to RUB 100 million each and projects with direct investment of up to RUB 1 billion”, RUSNANO Chairman of the Executive Board Anatoly Chubais said. He also added that investors would be participating in the fund in almost equal proportions, while RUSNANO would manage two-thirds of the fund.