NIZHNY NOVGOROD, February 16 (RIA Novosti) - Russian President Vladimir Putin said Thursday that a state fund for venture capital investment should be established in the country in 2006.
The fund could be used exclusively for the IT sector, or could have a general purpose, the president said at a State Council presidium meeting.
During the meeting, Putin asked Deputy Economic Development and Trade Minister Andrei Sharonov about a possible timeframe for creating the fund.
Sharonov, however, did not have an easy answer, telling the president that his ministry has not decided what type of fund to set up.
"All documents to create a venture fund have been prepared and agreed on by all departments except for the Economic Development and Trade Ministry, which has not yet decided what kind of fund should be created, i.e. whether it should be universal or for a particular sector."
