Russia and Germany will establish a 1 billion euro fund to support high-tech innovation and energy efficiency projects by small and medium-sized business, the head of Russia's state development bank Vnesheconombank said on Tuesday.
"One billion euros," Vnesheconombank CEO Vladimir Dmitriyev said in response to a question about the size of the new fund.
The fund is being established by Vnesheconombank and German state development bank Kreditanstalt fur Wiederaufbau.
Dmitriyev said it would take two to three years for the fund to consolidate its capital.
The Vnesheconombank head is part of a delegation of Russian businessmen accompanying Russia's President Dmitry Medvedev during his visit to Germany.
