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Russian gov't approves contributions to development agencies

      RBC, 29.11.2007, Moscow 15:52:57.Institutions dedicated to development will soon receive some RUR640bn (approx. USD26.27bn) under a resolution signed by Russia's Prime Minister Viktor Zubkov yesterday. According to the government's press office, the Finance Ministry is to transfer RUR300bn (approx. USD12.32bn) from the Stabilization Fund to the single federal budget account in November 2007.

      The Finance Ministry is to contribute RUR180bn (approx. USD7.39bn) to the share capital of the state-owned Bank for Development and Foreign Economic Activities (Vnesheconombank) at the expense of the Stabilization Fund, while the Education and Science Ministry will hand over RUR130bn (approx. USD5.34bn) to the nanotechnology corporation, including RUR30bn (approx. USD1.23bn) from the Stabilization Fund, and RUR100bn (approx. USD4.11m) from the federal budget revenue in 2007.

      The Regional Development Ministry is supposed to invest RUR240bn (approx. USD9.85m) to the fund that will be in charge of the housing and utilities infrastructure from the federal budget, and the Economy Ministry will inject RUR90bn (approx. USD3.69bn) of the Stabilization Fund resources to the Investment Fund.

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