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Sovereign Wealth Fund to finance Far East development

      RBC, 28.08.2012, Moscow 15:07:47.The money accumulated in Russia's Sovereign Wealth Fund could be transferred to Vnesheconombank's subsidiary, Far East Development Fund, which was established to implement investment projects in the country's Far East, First Deputy Prime Minister Igor Shuvalov said at a news conference devoted to Russia's presidency at the 2012 Asia-Pacific Economic Cooperation (APEC) forum.

      He went on to say that projects in the Far East will be executed in cooperation with the Asian Development Bank (ADB). Russia's Foreign Ministry and Economic Development Ministry are establishing close ties with this institution, Shuvalov noted.

      The APEC-2012 summit will be held in the city of Vladivostok on September 2-9.

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