OREANDA-NEWS. The Russian Government approved additional financing of 640 billion rubles for development institutions.

“Measures being taken will provide fresh impetus to the economic development,” summarized the discussion Russian Prime Minister Victor Zubkov.

The Government was reported to have considered amendments to the 2007 federal budget in accordance with which 300 billion rubles are to be provided from the Stabilization Fund to finance development institutions. Another 340 billion rubles will be allocated for development institutions from the funds received from the sale of YUKOS assets.

Of 300 billion rubles to be allocated from the Stabilization Fund, 180 billion rubles are scheduled to be invested in the Development Bank’s authorized capital, 90 billion rubles - in the investment fund, 30 billion rubles - in the Russian Nanotechnology Corporation

Of 90 billion rubles to be allocated for the Investment Fund, 15 billion rubles will be invested in the Russian Venture Company to increase its capitalization.

Mr. Zubkov stressed that we should get down to using all mechanisms of development institutions as soon as possible, expand cooperation within public private partnership as well as direct development institutions’ efforts towards regions. According to him, the Government will get back to discussing development institutions’ activities to see how the developed action plan is being implemented.