Government fund of funds
Development institute of the Russian Federation

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FEBRDF, RUSNANO and RVC establish a fund to support high-tech projects in the Far East

06.09.2017

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On September 6, 2017, within the framework of the Eastern Economic Forum, an agreement was signed on the creation of the Far East Fund of the Development and Implementation of High Technologies. The document was signed by the General Director of FEBRDF Alexey Chekunkov, Chairman of the Board of RUSNANO Anatoly Chubais, and the General Director of RVC Alexander Povalko.

The Fund is created following the instruction of the President of Russia Vladimir Putin and is aimed at developing an innovative system in the Far East, actively implementing advanced technologies and increasing the share of high-tech products in the GRP.

The Fund will combine the resources and competencies of several development institutions. The total budget of the Fund at the first stage will amount up to 4.9 billion rubles. About 70% of the budget in equal shares will be invested by FEBRDF and RUSNANO, 30% will be contributed by RVC. The average amount of one investment in the venture-stage projects will not exceed 100 million rubles, in the growth-stage projects – not more than 1 billion rubles. The Fund will be incorporated in the form of an investment partnership, whereby RUSNANO will act as a managing partner (GP).

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The Far East already has a great number of modern enterprises with considerable experience in modern high-tech industries. The new Fund is tasked to assist them in their development through the attraction of additional capital in promising projects in such sectors as information technology, robotics, aviation, alternative energy, medicine and biotechnology, and the space industry.

“The Russian Far East is a huge area with a low population density. It is a challenging task to prevent people from leaving the area and make sure people migrate to Far East instead. One of the options to solve it: to find projects which will result in the creation of high-tech jobs of interest for young, intelligent and active people. Such projects can be implemented both in cooperation with the enterprises of the Far East having sufficient technical capacity or with new partners considering the region as a springboard for further development,” said the Chairman of the Board of MC “RUSNANO” Anatoly Chubais.

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"The Fund will primarily focus on projects under implementation in cooperation with the largest technological product consumers operating in the Far East, which show increased demand for high-quality domestic innovations and are deeply embedded in the regional economy. There are a lot of such companies, and they welcome the emergence of specially tailored "innovative forces" in the ecosystem of the region,” said the General Director of FEBRDF Alexey Chekunkov.

"Currently, the Far East has created all the conditions to improve its investment climate and innovative development: the region operates priority development areas, with a free port regime already implemented. Given the global nature of this territory, it is especially important to scale up NTI projects in the region to be implemented as part of the Fund's activities. In particular, the region has all the necessary prerequisites to become one of the priority regions for the MariNet direction (marine intelligent systems market) of the National Technology Initiative (NTI), with RVC acting as its project office. I’m sure that a consortium of the largest players in the innovation market will set a new trajectory for the development of the business infrastructure in the Far East," said the General Director of RVC Alexander Povalko.

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In the nearest future, the Fund will consider over 30 pilot investment projects with a total investment of approximately 40 billion rubles, which can qualify for financial support under the new mechanism.




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