Business news

MINSK, 21 January (BelTA) – The Belarus-Russia venture capital fund is to be established in 2015, Chairman of the Belarusian State Science and Technology Committee Alexander Shumilin said at a press conference dedicated to the Day of Belarusian Science on 21 January, BelTA has learned.

“We are in talks with a Russian venture capital company on the establishment of the first Belarus-Russia venture capital fund. It is expected to become operational by the end of the year,” he noted.

The joint venture capital fund is designed to provide developers and inventors with the necessary financing to implement their projects. The Belarusian Innovative Foundation will represent Belarus in this project.

According to Alexander Shumilin, there will be enough projects to choose from. “Today the resources of the Belarusian Innovative Foundation are estimated at merely Br40 billion, while the cost of the projects seeking financing is three to four times as much. There are many good projects that are worth financing in Belarus,” he noted.

“The establishment of such a fund will be a landmark event. After all, it is important to give young developers an opportunity to materialize their ideas and start their own business,” Alexander Shumilin said.