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Russia to pump $2.8 billion into building its 'Silicon Valley'

© RIA Novosti . Valery Melnikov / Go to the photo bankSkolkovo
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Russia will allocate 85 billion rubles ($2.8 billion) for the construction of a research hub near Moscow over the next three years, the billionaire in charge of the project said on Friday.

Russia will allocate 85 billion rubles ($2.8 billion) for the construction of a research hub near Moscow over the next three years, the billionaire in charge of the project said on Friday.

The government had said it would allocate more than 54 billion rubles ($1.8 billion) for Skolkovo's infrastructure and research facilities between 2011 and 2013.

"The government is ready to allocate 85 billion rubles ($2.8 billion) over three years," said Viktor Vekselberg, an oil and metals tycoon.

Skolkovo, dubbed Russia's Silicon Valley, is being built from scratch just 20 kilometers west of Moscow. The hub will focus on five research areas: energy, information technologies, communication, biomedical research and nuclear technologies.

Vekselberg has said the project will need up to 200 billion rubles ($6.6 billion) over the next three-five years.

President Dmitry Medvedev has made modernization the focal point of his agenda. He took a U.S. high-tech delegation led by California Governor Arnold Schwarzenegger for a tour of Skolkovo earlier this week as part of his efforts to bring U.S. know-how to the project.

 

MOSCOW, October 15 (RIA Novosti)

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