Russia’s nanotechnology corporation Rusnano and China’s Zhongrong signed an agreement on establishing a joint Russia-Chinese investment fund, Rusnano reported on Tuesday.
At the first stage, the Rusnano Zhongrong United Investment Fund will have $500 mln of capital under management, the report said, while its partners will provide their equity investments in equal portions and establish a joint management company.
According to the report, “the fund’s investment focus will be concentrated on projects in the growth stage aimed at application, development, and transfer of high technologies (related to electric power industry (including RES), oil and gas industry, as well as microelectronics and biotechnologies) to Russia.
” It is implied that investments into the projects and project companies will be effected on the territory of Russia (not less than 70 %), China, and other countries.
The agreement was signed by Chairman of the Executive Board of Rusnano Anatoly Chubais and Chairman of Zhongrong International Trust Fang Tao.