According to the media outlet, the venture fund will provide investment for the projects in the field of medicine, urban development as well as for the modernization of factories.
JBIC is reportedly planning to form another venture fund with Russia's Far East Investment and Export Agency and the Far East and Baikal Region Development Fund to attract investment to Russian special economic zone. The joint fund is expected to become a mediator between Russian and Japanese businessmen in reducing red tape.
The Japanese lender will sign 10 more memorandums with its Russian partners during Russian President Vladimir Putin's visit to Japan in December, Nikkei added.
On November 20, Putin met with Japanese Prime Minister Shinzo Abe in Lima, Peru, where both politicians confirmed progress on major cooperation issues.