Belarus, Russia to set up joint venture fund in 2015

MINSK (BelTA) – The Belarusian-Russian venture fund will be created by the year-end of 2015, Chairman of Belarus' State Science and Technology Committee Alexander Shumilin said during the opening of the Minsk round of the Russian start-up tour of Skolkovo Foundation, BelTA has learned.

"Active work on the Belarusian-Russian venture fund is underway. It will be created until the end of 2015," he said.

Alexander Shumilin stressed that the parties are working on legal documents. "We are planning to sign a framework agreement by July. If all goes well, we will start working on the fund itself in September. We are planning to launch it by the end of the year,” he explained. Alexander Shumilin also reported that the volume of financing of the fund will be at least $10 million from each side.

Russia Deputy Prime Minister Arkady Dvorkovich noted that there are no problems with the establishment of the fund. When speaking of financing, he stressed that "the amount will be enough at the first stage and will need to be increased in the future."

On 14-15 Minsk is playing host to the Belarusian round of the Russian start-up tour of Skolkovo Foundation. About 900 applications have been submitted in five thematic areas: information technology, biomedical technology, energy-efficient technologies, industrial technologies and materials, innovations for children. Of them more than 200 were selected for presentation. The largest number of applications was submitted in information technologies, new materials, industrial and biomedical technologies. The goal of the tour is to find innovative solutions and assist developers in devising their own development strategies. The tour also includes a training program (master classes and seminars from leading experts in the field of implementation of innovation projects).