Business news

MINSK, 25 January (BelTA) – Representatives of Russia will come to Belarus in February to select projects for venture financing, BelTA learned from Chairman of the State Science and Technology Committee of Belarus Alexander Shumilin during the press conference held on 25 January to mark Belarusian Science Day.

According to the source, a Belarusian-Russian venture investment fund was established in late 2016. “We have created a new way to finance innovative projects. A Russian team will arrive in February in order to earmark new innovative projects for implementation using venture financing,” said Alexander Shumilin.

The Russian delegation will be primarily focused on cutting-edge industries. Those are radio electronics, information technologies, biotechnologies, and nanotechnologies. “These are high-tech industries where we have world-level products,” explained the official.

In his words, all the documents required to make investment decisions are nearly prepared. There are plans to start financing at least one project in Q3 2017. All the necessary decisions are supposed to be made on at least five projects in order to start financing them in 2018, said Alexander Shumilin.