Private Equity Russia

Interfax is reporting that the Russian Venture Company and the government of Krasnoyarsk Krai have signed an agreement on cooperation and conduct of joint events for the promotion of innovative businesses and the development of a domestic venture capital industry.  The agreement was signed during the 7th annual Krasnoyarsk Krai economic forum.

This event also saw an agreement signed with  the state corporation RusNano regarding the further development of the Siberian Federal University in Krasnoyarsk, currently being undertaken by various state-backed funds working towards the development of innovative businesses in Russia.

Russian Finance Minister Aleksei Kudrin announced yesterday that the government is instituting new procurement policy to buy technology products that are innovative and made in Russia.

Russia’s state procurement budget is around $133 billion.  About $20 billion of this now goes to Russian technology companies.