(Nanowerk News) The European Bank for Reconstruction and Development (EBRD) has quit a project to create a joint investment fund with Russia’s Rosnano state-run nanotechnology company, Rosnano CEO Anatoly Chubais said on Tuesday.
The EBRD has quit the Rosnano project over sanctions imposed by the European Union on Russia, Chubais said.
“It took us two years to prepare a key decision - to establish a direct investment fund jointly with the European Bank for Reconstruction and Development,” Chubais said.
“It was planned that the EBRD’s investments would total over $100 million. Naturally, these plans cannot be implemented in the current situation, which will almost surely affect the final results of attracting private investment,” the Rosnano head said.
Rosnano is currently in talks to substitute the EBRD’s investments, Chubais said.
“Generally speaking, we need to focus on Asian capital markets. I hope, we’ll be able to show some results already this year,” the Rosnano head said.