MOSCOW, August 7 (RIA Novosti) - The state will be a passive investor in sectoral venture funds with yields on state controlled assets in these funds set at 3%, Russia's economic development and trade minister said Monday.
German Gref said the government had created a legal entity that would serve as a basis for the venture company.
"We have been a little late in forming a legal entity, but by the fall, these [venture funds] will already be up and running," he said.
Addressing a Cabinet meeting attended by the president, Gref said the state would funnel 15 bln rubles ($5.5 bln) into the venture company in the next two years: 5 bln rubles ($1.8 bln) this year and 10 bln ($3.7 bln) next year.
Gref said the state and private capital would control 49% and 51% of stock in sectoral venture funds, respectively.
