Russian Government is investing into ICT Industry

On August 11, 2006, Russian Prime Minister Mikhail Fradkov signed the law to launch the venture fund with a special focus on ICT industry.

The initiative to set up a special investment entity for IT companies was taken into the Government by the Ministry of the Economic Development and Trade earlier this summer. The initial capital of the fund is 1450 mln. roubles and it is fully owned by the Federal Government of the Russian Federation. By 2009 all shares of the fund ought to be sold and the government shall own no more than 25 % of the shares selling them by 2010.

The main goal of the fund is to invest into innovative start-ups in the field of information technologies and to bring the attention of the foreign and Russian investment companies to the fast growing Russian IT market. A number of Russian private companies as well as the investment firms already expressed the interest in the taking part in this venture fund.

Source: Prime-Tass