Regional venture fund is established in Tatarstan

Tatarstan Government created with the assistance of RF Ministry of economic development a fund contributing to expansion of venture investments into small-scale enterprises in scientific field. It was arranged to fulfill the republican program of innovative activity development for 2004-2010 and to generate the infrastructure of venture financing of small-scale entrepreneurship in the RT.

The representatives of RF Ministry of economic development and trade will occupy in the board of trustees- the superior body of the fund management – three out of six seats. Renat Bilalov, who worked earlier as the head of RT “Ministry of economy and industry,” is appointed chief executive of the fund.

Let us not forget, that Tatarstan gained the tender held by RF Ministry of economic development and trade to get subsidies from federal budget to create and develop the infrastructure backing small-scale enterprises in scientific field. The budget of the fund established totals 800 million rubles, of which 200 million are federal, 200 million are local and 400 are presumed to be private investments. 7 similar funds are expected to be set up in Russia, the major being one in Tatarstan.