Russian Venture Company to Create Two New Investment Funds by the End of the Year
Their total volume will exceed 11.5 billion roubles.
Until the end of 2019, Russian Venture Company (RVC) is planning to create two new investment funds in education and medicine with a total volume of over 11.5 billion roubles, the General Director of RVC Alexander Povalko told TASS on the sidelines of the Eastern Economic Forum (WEF).
"At the finish line, we are going to create two funds for educational technologies and medicine. They are formed on the money of state programs, under the supervision of the Ministry of Economic Development and the Ministry of Industry. The volume of one fund is 7 billion roubles, the second - 4.5 billion roubles. By the end of the year, these funds will be created. This year, we will sign all the documents; in the same year, the first tranche will be transferred to us. However, the first projects will be funded next year," said Povalko.
He noted that the Foundation for Educational Technologies turns out to be “rather narrow, aimed specifically at the market of products related to education, with its effectiveness, but it has a fairly wide range of solutions, from early development to career support and retraining.”
About the Forum
The 5th Eastern Economic Forum takes place in Vladivostok on September 4–6. Its organizer is the Roscongress Foundation. TASS is the general information partner, official photo hosting agency, and moderator of the Far East Presentation Zone for Innovative Opportunities.