MOSCOW, October 11 (RIA Novosti) - The Russian government approved amendments to the 2007 budget on Thursday to increase state investment to 640 billion rubles ($26 billion).
The government said the funds would sponsor federal target programs and projects to develop state investment institutions, including 300 billion rubles ($12 billion) to be provided from the Stabilization Fund, and another 340 billion rubles ($14 billion) from extra budgetary revenues.
Of Stabilization Fund resources, 180 billion rubles ($7 billion) will be invested in the Development Bank, 90 billion rubles ($3.6 billion) in the investment fund, including 15 billion rubles ($601 million) to double the Russian Venture Company's capitalization, and another 30 billion rubles ($1.2 billion) will be allocated to the Russian Nanotechnology Corporation.
Earlier in the day Economic Development and Trade Minister Elvira Nabiullina proposed increasing the shareholders' equity of the Russian Venture Company, which now stands at 15 billion rubles ($601 million).
The Russian Venture Company was set up by the government in September 2006 to invest in innovative companies via private venture funds, to be formed throughout the country, as a 49% shareholder.
Nabiullina said Russia should set up 10-12 venture funds with over 30 billion rubles ($1.2 billion), in addition to the three venture funds that have already been established.
