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Posted: August 19, 2009

Rusnano will approve investments into 50 projects this year

(Nanowerk News) The Russian Corporation of Nanotechnologies (Rusnano) will approve 40 billion rubles ($1.25 billion) worth of investment this year, one-third more than it planned in May, a spokeswoman said Wednesday.
Prime Minister Vladimir Putin said earlier Wednesday that Rusnano would approve investment into 50 projects this year that will require 80 billion rubles of funding.
Rusnano spokeswoman Irina Shabanova said the state corporation would chip in 40 billion rubles of that money. Anatoly Chubais, the corporationís chief, said in May that the plan was to invest 28 billion rubles this year.
Neither Putin nor Rusnano offered any explanation for the steep increase, but the new plans came after Deputy Prime Minister Sergei Ivanov accused the state corporation of being too slow in developing the industry in May.
Putin made the announcement at a meeting dedicated to the nanoindustry, or innovations that work on a scale of nanometers, one-billionth of a meter. Russia wants to capture 3 percent of the global nanotechnology market by 2015.
Addressing a government commission on technology and innovation in May, Ivanov criticized Rusnano for little progress in fulfilling its goal of funding projects.
The increase means that Rusnano will disburse almost all of its money this year. The corporation is also bound to return 85 billion rubles from its budget of 130 billion rubles to the state later this year to help plug a gaping federal budget deficit.
On Wednesday, Putin praised Rusnano for progress in applying the technology to medical equipment, preserving the environment, improving energy efficiency and creating new materials. He did not elaborate.
Chubais also said Rusnano secured Putinís permission Wednesday to issue bonds under state guarantees. Rusnano may offer bonds as soon as the end of this year, he said, without specifying a figure.
Source: The Moscow Times

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