Russia encourages businesses to co-invest in National Projects
10 Dec '19
The Russian Government is discussing the creation of two closed-end investment funds (CEF) for attracting investment from Russian individuals and businesses to both the National Projects (large-scale infrastructure and other projects of federal significance) and other investment projects, the U.S.-Russia Business Council reported, citing the Russian news agency Interfax.
According to the initiative’s authors, the first CEF would act as an automatic co-investor in all projects co-financed by the Russian Direct Investment Fund (RDIF), with each CEF participant required to invest at least $47m. The second CEF would make investment decisions on projects on an individual basis, with each CEF participant required to invest at least $94m.
Throughout 2019, RDIF head Kirill Dmitriev has reiterated businesses’ interest in investing in the National Projects.
Last month, the Audit Chamber reported that expenditures on the National Projects remained behind schedule, with 52% of the amount budgeted for 2019 spent through January-September.