MOSCOW, August 4 (RIA Novosti) - During a regular meeting Thursday, the Russian government endorsed the charter of the Investment Fund and the government committee that will select investment projects to receive state support.
The majority of ministers supported the creation of the Investment Fund. Finance Minister Andrei Kudrin said recently his ministry and the Trade and Economic Development Ministry agreed on a variety of issues, including control mechanisms and the transparency of investments.
Kudrin also suggested that the share of private capital in an investment project financed by the Investment Fund should be raised to 25%. The Trade and Economic Development Ministry proposed a 10% share.
Education Minister Andrei Fursenko said the fund must start working as soon as possible. At the same time, he said the documents prepared by the Trade and Economic Development Ministry make it impossible to use the Investment Fund for innovative projects, citing the high cost of these projects and their selection criteria.
Energy Minister Viktor Khristenko proposed to extend the authority of branch ministries in the selection process and in controlling the implementation of investment projects.
Vice Premier Alexander Zhukov said large investment projects would be implemented during the first year, and later, after the process had been tuned, the Investment Fund would be used for innovative and development projects.
Trade and Economic Development Minister German Gref said no more than 10 projects per year could be implemented with the support of the Investment Fund.
The state budget allocates $2.44 billion for the Investment Fund in 2006, $2.55 billion in 2007, and $2.56 billion in 2008.
This money will then be invested in the construction of roads, airports, and other infrastructure.