Russia and Japan have agreed to create a joint investment fund worth 100 billion yen, or USD902 million, Nikkei daily reported on Tuesday.
The Russian Direct Investment Fund (RDIF) and the Japan Bank for International Cooperation (JBIC) are going to contribute roughly half of the agreed amount to launch the development project next year.
The fund will mainly finance projects in the fields of medicine, urban development and upgrades of manufacturing facilities.
JBIC also will form a venture with Russia’s Far East Investment and Export Agency and the Far East and Baikal Region Development Fund to encourage investment in a special economic zone in that area.
According to Nikkei, JBIC will also extend a new line of credit worth around 30 billion yen to Russia’s largest bank, Sberbank.
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