FEDF, Rosnano, and RVC established the fund for technology-intensive projects supporting in the Far East

An agreement for establishment of the Far Eastern Fund for High Technology Development and Implementation is signed at the Eastern Economic Forum. Director General of FEDF Aleksey Chekunkov, Chairman of the Executive Board of Rosnano Anatoly Chubais, and Director General of RVC Aleksander Povalko signed the document.

A new financial mechanism is being established upon the instruction of the President of Russia Vladimir Putin with the purpose of development of innovation system at the Far East, implementation of advanced technologies, increase of the share of high-tech products in the Gross Regional Product.

The Fund will let combining the resources and competencies of several development institutions. At the first stage the total level of the fund will comprise as much as 4.9 bln rubles.  About 70 percent in equal shares will be invested by FEDF and Rosnano, another third part will be invested by RVC. 

Such cooperation will allow attracting additional capital into promising projects, focusing the efforts for development of high technology projects aimed at implementation of the strategy of transformation to post-industrial economy, being in the line of global technology trends, and in the future – forming them.

There are already a lot of modern companies with great deal of information in modern high technology industries at the Far East. The goal of the new fund is to assist their development through attraction of additional capital into promising projects in such industries as information technologies, robotics, aviation, including development of unmanned aerial vehicles, alternative energy sources, medicine and biotechnologies, aerospace industry. 

“The Fund will mainly focus on the projects being in the introductory phase in cooperation with the largest consumers of technology products operating within the Far East that exhibit excess demand in quality home innovations and are deeply integrated into regional economy. There are good many such companies and they welcome origination of innovation special unit”, - FEDF Director General Aleksey Chekunkov noted. 

The fund will consider more than 30 pilot investment projects with total amount of investments of some 40 bln rubles that can qualify for financial support within the frames of the new mechanism.