What do the National Welfare Fund have in common with Putin’s “personal piggy bank” and who will lend Rosnano 89 billion rubles for a new fund in India?
Rosnano , headed by Anatoly Chubais, is requesting to allocate 89 billion rubles from the National Wealth Fund ( NWF ) to launch a $ 2 billion Russian-Indian fund.
We are talking about the provision of funds of the NWF on a returnable basis for a period of 15 years (with the possibility of early repayment) at a rate of not more than 2% per annum.
With this request, Anatoly Chubais turned to Russian President Vladimir Putin. The President instructed his assistant, Andrei Belousov, to work through this proposal with the departments and companies concerned. Putin also stressed that in the event of a positive decision, it is necessary to ensure full transparency of the expenditure of allocated funds and verification of the final result.
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“Rosnano has a task to speed up the implementation of interstate agreements on the creation of a Russian-Indian investment fund. But we do not comment on the search options for the most effective solutions, which, of course, are approved in accordance with corporate procedures, including the participation of representatives of the main shareholder - the state, ”Rosnano representative Alexander Barkhatov told Interfax.
On January 25, Rosnano and the Ministry of Finance of India signed a memorandum of understanding. It was about creating a fund with financing in the amount of $ 1 billion from each side.
The purpose of the future fund “Rosnano”, “ Rostec ” and NIIF is to invest in the creation in India of branches of large high-tech companies from the Russian Federation. This also applies to those companies that are already exporting their products to India, including dual-use ones, a source familiar with the plans to establish the fund told Interfax.
The National Investment and Infrastructure Fund (NIIF - National Investment and Infrastructure Fund) will act as a partner in India, Rostec Group of Companies may become Rosnano technology partner from the Russian side.
The Russian-Indian Foundation may launch the first projects already this year. “It is planned to localize the production of components for products manufactured by Russian companies with the help of the fund. Investments will flow into the Indian economy as part of the Make in India program. At the same time, exports to India of Russian defense industry products will increase, and thus their share on the world market will increase, ”said Vladimir Avetisyan, vice-chairman of the board of Rosnano, told Interfax.
According to him, Rosnano and Indian partners are ready to increase the size of the fund as needed.
“In the current conditions, when significant reserves are being spent, it’s probably not necessary to invest our reserves in some other assets, although infrastructure ones,” said Finance Minister Anton Siluanov. According to him, the amount of unused funds of the National Welfare Fund is more than 2 trillion rubles.
Today, the press secretary of the President of the Russian Federation, Dmitry Peskov, said that the head of state does not take sole decisions regarding the use of the funds of the National Wealth Fund:
He also said that he was unaware that Rosnano was asking for about 89 billion rubles to be allocated for the launch of the Russian-Indian fund. “I don’t know exactly about such an appeal. There is a question related to the appeals of Rosnano, but it is on the joint Russian-Indian fund - I simply do not have such information, ”said Peskov.
We are talking about the provision of funds of the NWF on a returnable basis for a period of 15 years (with the possibility of early repayment) at a rate of not more than 2% per annum.
With this request, Anatoly Chubais turned to Russian President Vladimir Putin. The President instructed his assistant, Andrei Belousov, to work through this proposal with the departments and companies concerned. Putin also stressed that in the event of a positive decision, it is necessary to ensure full transparency of the expenditure of allocated funds and verification of the final result.
')
“Rosnano has a task to speed up the implementation of interstate agreements on the creation of a Russian-Indian investment fund. But we do not comment on the search options for the most effective solutions, which, of course, are approved in accordance with corporate procedures, including the participation of representatives of the main shareholder - the state, ”Rosnano representative Alexander Barkhatov told Interfax.
On January 25, Rosnano and the Ministry of Finance of India signed a memorandum of understanding. It was about creating a fund with financing in the amount of $ 1 billion from each side.
The purpose of the future fund “Rosnano”, “ Rostec ” and NIIF is to invest in the creation in India of branches of large high-tech companies from the Russian Federation. This also applies to those companies that are already exporting their products to India, including dual-use ones, a source familiar with the plans to establish the fund told Interfax.
The National Investment and Infrastructure Fund (NIIF - National Investment and Infrastructure Fund) will act as a partner in India, Rostec Group of Companies may become Rosnano technology partner from the Russian side.
The Russian-Indian Foundation may launch the first projects already this year. “It is planned to localize the production of components for products manufactured by Russian companies with the help of the fund. Investments will flow into the Indian economy as part of the Make in India program. At the same time, exports to India of Russian defense industry products will increase, and thus their share on the world market will increase, ”said Vladimir Avetisyan, vice-chairman of the board of Rosnano, told Interfax.
According to him, Rosnano and Indian partners are ready to increase the size of the fund as needed.
“In the current conditions, when significant reserves are being spent, it’s probably not necessary to invest our reserves in some other assets, although infrastructure ones,” said Finance Minister Anton Siluanov. According to him, the amount of unused funds of the National Welfare Fund is more than 2 trillion rubles.
Today, the press secretary of the President of the Russian Federation, Dmitry Peskov, said that the head of state does not take sole decisions regarding the use of the funds of the National Wealth Fund:
This is not true. The president personally does not. This is not his personal piggy bank, and he does not dispose of it, he does not take such decisions. The coordination processes are underway, various points of view on the expediency or inexpediency of allocating some sums are reported to it.
He also said that he was unaware that Rosnano was asking for about 89 billion rubles to be allocated for the launch of the Russian-Indian fund. “I don’t know exactly about such an appeal. There is a question related to the appeals of Rosnano, but it is on the joint Russian-Indian fund - I simply do not have such information, ”said Peskov.
Source: https://habr.com/ru/post/299050/
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