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The Russian government will likely approve a decree establishing a fund to support technology and innovation in the next two weeks
The Russian government will likely approve a decree establishing a fund to support technology and innovation in the next two weeks, a source in the communications ministry said Monday. The source said the fund would be set up as an open joint stock company with an authorized capital of $100 million, and that the state's share in the fund would be reduced from 100% to 25% in three years. Economic Development and Trade Minister German Gref said last month the fund would encourage venture investment, and added that a strategy was being drafted to foster the development of venture infrastructure - high-tech businesses - in 2006-2008. He said the government could pump up to half a billion dollars into the fund. The communications ministry source said the maximum funding given to any one project would be $3 million, and that the fund could start investing six months after the decree was signed. "We hope the first investments will be made in the first quarter of 2007," the source said.
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