The head of RUSNANO Anatoly Chubais appealed to President of Russia Vladimir Putin with the request to give him 89 billion rubles from the national welfare Fund to launch the Russian-Indian Fund of $ 2 billion, the agreement on creation of which has already been reached with the Indian partners.
Chubais requested funds on a revolving basis for a period of 15 years (with the possibility of early repayment) at the rate not exceeding 2% per annum. The President has already instructed his assistant Andrei Belousov to work on this proposal with interested agencies and companies, noting that it deserves attention.
Putin also stressed the need for transparency of movement of funds and the end result is the development of the Russian nanotechnology industry, said the source, “Interfax”.
“RUSNANO on 25 January signed a Memorandum of understanding with the Ministry of Finance of India to establish a Fund in the amount of $ 1 billion on each side. Partner in India will act as a national investment and infrastructure Fund, a technology partner of RUSNANO, the Russian side may become rostec.
The purpose of the Fund will be investing in the creation in India of branches of major high-tech companies from the Russian Federation, including those that are already exporting to India their products, including dual-use.
In February it was reported that the profitability of placing funds of the Reserve Fund and national welfare Fund (NWF) on accounts in foreign currency with the Bank of Russia, expressed in the currency basket is allowed for the year 2015 amounted to 0,41%.
Former Finance Minister Alexei Kudrin stated that the Russian government will take a cautious approach to the expenditure of funds of the NWF and Reserve Fund and is unlikely to spend them by 2018. Kudrin also proposed to join the Reserve Fund and national welfare Fund, to be managed as a single resource.
January 22, financier George Soros said that Russia has enough international reserves in the near future in unfavourable environmental conditions.
In the financial stability review prepared in late December, the Central Bank of Russia, it was reported that by 2019, the funds of the national welfare Fund (NWF) and Reserve Fund can be finished almost completely.
State Duma speaker Sergei Naryshkin said that the ideas for expenditure of national savings should be discussed exclusively at the proved impossibility of other options, try to quickly “blow the airbag,” don’t.
