Russia will set up a sovereign fund, intended to lure foreign investment to modernize the Russian economy, in summer, President Dmitry Medvedev said on Sunday.
"Already in summer, the direct investment fund will be created. It will co-finance capital investment by foreign funds and companies in Russian projects," Medvedev said at a launch with business circles in Hong Kong.
Russia's direct investment fund is expected to be established as a closed-end unit investment fund to be managed by national development bank Vnesheconombank.
Russia's sovereign fund, which will have a capital of about $10 billion contributed by the federal budget, is expected to attract from $60 billion to $90 billion in foreign investment within five years.
"Modern Russia is pursuing a policy aimed at its modernization and innovative development. Foreign investment plays a special role in this process. Recently I outlined a whole number of measures intended to improve the business and investment climate in the country," Medvedev said.
"We'll continue measures to de-bureaucratize our economy and we'll continue resolutely fighting corruption. In this sense, the experience of Hong Kong looks very useful," Medvedev said.
HONG KONG, April 17 (RIA Novosti)