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Russia Beyond The Headlines

Rostec, China CYTS to create $500 mln IT investment fund

June 9, 2016 Interfax
The fund will finance high tech projects in Russia.
Hypercube building in Skolkovo
Russia wants to boost investments in its domestic IT sector. Source: Mikhail Japaridze/TASS

RT-Business Development, a subsidiary of Rostec, and China’s CYTS Industrial Development will create a $500 million investment fund for the financing of Russian IT and high tech projects, Rostec said in a statement on June 9.

The investment projects should receive preliminary approval from Russian and Chinese partners, as well as experts from international agencies.

Read more: Low commodity prices, information gap hinder Russia-Indonesia trade growth

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