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Russia To Invest In High Tech Businesses

The Russian government plans to put up $500 million into a venture capital fund

The Russian government plans to put up $500 million into a venture capital fund that will invest in innovative projects, the country?s Economy Minister German Gref said yesterday.

?We will allocate up to half a billion dollars for this purpose next year,? Gref said, quoted by RIA Novosti.

Gref said the fund would encourage venture investment, and added that a strategy was being drafted to foster the development of venture infrastructure in 2006-2008.

Ten percent of all transnational corporations would enter the Russian market in the next three or four years, Gref said.