A venture fund for financing innovation projects will be created in Ulyanovsk region in 2012, innovation and venture news source UNOVA reports citing regional officials.

The fund is reportedly implied by the investment memorandum of Ulyanovsk region for 2012, signed by the governor Sergey Morozov.

Under plans, the venture fund will support projects in such perspective fields, as material sciences, nuclear technologies, development of composite materials, processing of available natural resources, laser technology and optics, tool building and energy efficient technologies.

The fund’s financial sources can be funds of state institutes of development, such as the Russian Venture Company and Rusnano, as well as subsidies of the Ministry of Economic Development of RF and funds of institutional investors – private pension funds and funds, memorandum said.

According to the authors of the document, the venture fund will be the key element of the developing innovation infrastructure of Ulyanovsk region. The pre-conditions for the fund creation are “powerful science and technology potential of the region, large science centers in the field of nuclear physics, material sciences, laser technologies and optics, large number of highly qualified specialists, previously employed in aircraft building, machine building in scientific sector, creation of the center of nanotechnologies with drafted development program.”

Earlier Marchmont wrote that by the end of 2012 a nanotechnological center would be built in Ulyanovsk region with support from Rusnano (see news of October 6, 2011).