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.
Putin added that Russia’s energy industry is set on pursuing investment transparency so as to attract more investors.
"In the sensitive sphere of the energy [industry], Russia is demonstrating an example of investment transparency," Putin said.
The investment transparency also concerns joint international projects like the Sakhalin-1 and the Sakhalin-2 projects to develop oil and gas fields off the northeastern coast of the Sakhalin Island in the Russian Far East.
"Japan holds 30 percent of the Sakhalin-1 shares. In Sakhalin-2, more than 22 percent," Putin said.
According to the president, Russia has agreements with China for the development of infrastructure for natural gas deliveries.
Russian authorities are interested in attracting foreign investors and are ready to use part of the reserves accumulated in sovereign funds to attract investors, lower their risks and co-finance projects, according to Putin.
“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.
Putin is currently in Beijing for the APEC summit, which brings together 21 nations in a bid to address global challenges. The main focus of the summit will be on the creation of a new Asia-Pacific partnership.
