The Russian hi-tech government corporation Rosnano may place bonds worth up to 50 billion rubles ($1.7 billion) by late 2010 or early 2011, Rosnano CEO Anatoly Chubais said on Monday.
Russia's lower house of parliament passed a bill in its first reading on Wednesday allowing Rosnano, a corporation set up by the Russian government in 2007 for investment in promising nano-technologies, to make borrowings, issue bonds and other equity securities in accordance with Russian law.
Currently, Rosnano as a non-profit organization is not allowed to issue bonds.
Chubais said Rosnano would issue bonds before it is converted into a shareholding company, but failed to specify the purpose of bond issues.
Experts say the proceeds are expected to be used to finance innovation projects selected by Rosnano.
Deputy Prime Minister Sergei Ivanov said Rosnano was among the first government corporations to be corporatized in Russia, but the Russian government would keep a 100% stake in the company.
RYBINSK, April 26 (RIA Novosti)
