The Far East and Baikal Regional Development Fund, which was set up a year ago, may be increased considerably, the innovation news portal Venture-News.ru reported last week. Currently, its authorized capital is $15.5 million; but it may soon be boosted to as much as $3 billion or more.
The idea came from Russian President Vladimir Putin, who participated in a government meeting dedicated to development issues for Russia’s Far East and the Lake Baikal area. “If the development fund proves its efficiency, we will continue adding to its capitalization to reach at least $3 billion,” the president said.
Putin emphasized that, earlier this year, the decision had already been made to allocate a first additional installment of $470 million to the fund.
The Far East and Baikal Region Development Fund, which is a subsidiary of VTB Bank, one of Russia’s so-called development institutions, focuses on assisting the realization of investment projects in those remote Russian areas, including economic and social infrastructure programs, innovation initiatives, the creation of special economic zones, etc.
