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Russian govt invest RUB 450 billion from Sovereign - Mr Putin
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Wednesday, 26 Jun 2013

Mr Vladimir Putin President of Russia said that the Russian government will invest up to RUB 450 billion in infrastructure projects from its sovereign wealth fund together with private capital.

Mr Putin said that up to half the money to be invested in the projects will come from the National Welfare Fund, Russia’s USD 87 billion sovereign wealth fund made up of windfall oil export revenues.

He said that “Key conditions will be an assessment by private business that the projects are viable and effective, and co-financed from their side.”

Mr Putin said that the infrastructure projects should eventually return the money invested.

He said that “I know that investors’ interest in infrastructure projects is very significant, especially if government is ready to ensure risks are minimized and act as a co-investor.”

He added that “We should not squander this, or trade it for non-existent programs, but direct it toward those projects which change the shape of the country, and open new perspectives for development.”

However, his comments echoed remarks he made earlier this week, when he warned the government to invest budget revenues more carefully and refrain from boosting social spending without foundation.

Source - RIA Novosti


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