10.11 Putin: Russia to Use Part of Reserves to Attract Investors, Lower Risks, Cofund Projects

BEIJING, November 10 (RIA Novosti) – Russian authorities plan to use part of the reserves accumulated in sovereign funds to attract investors, lower their risks, and co-finance projects, Russian President Vladimir Putin said Monday.

“In order to attract investors, lower their risks, and co-finance projects, Russia plans to use its development institutes, part of the reserves accumulated in sovereign funds and perfect access to credit resources,” Putin said during his speech at the Asia-Pacific Economic Cooperation summit in China.

Putin also said Russia would create an industrial development fund in 2015 that would help in financing businesses with large long-term projects.

“The designing of a mechanism of project financing to support large long-term projects is winding down. Next year, business financing before banks will be done by a new structure [called] the industrial development fund,” Putin said during his speech at the Asia-Pacific Economic Cooperation (APEC) summit in China.

The APEC summit brings together 21 nations in a bid to join forces against global challenges. The main focus of the summit will be on the creation of a new Asia-Pacific partnership. The Ebola virus, air pollution, terrorism and corruption are also expected to receive attention during the summit.