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Rosnanotekh Creates Interest
Rosnanotekh head Leonid Melamed announced the state corporation's business plans for the year yesterday. The corporation, which was allotted 132 billion rubles in December of last year, will receive income from placing its free funds in financial instruments, and it will begin building an office only in 2009. It is counting on 5 billion rubles in income on its investments, which will go mainly to banks. Assuming that most of its funds will be free, that is an income level of 3.78 percent, that is, slightly less than the stability fund earns (4%), but more than the Central Bank one-week rate for current deposits (3.5%).
The corporation will chose its first pilot projects in April or May and beginning financing them in the second half of the year. In October or November, it will hold a forum on nanotechnology.
Melamed said that Rosnanotekh is waiting fore the passage of a special government resolution to begin placing its funds. That resolution, “On the Procedure for the Placement of Federal Budget Funds in Bank Deposits,” is expected at any time now as part of a package of resolutions being prepared by the Finance Ministry. Until then, it is unclear how Rosnanotekh and the State Corporation for the Support of the Housing Utilities Complex (which has assets of around 240 billion rubles) will place their money in the banking system, or how budget surpluses will be placed. The Finance Ministry stated yesterday that the resolution was being conciliated now.
With the exception of Development Bank funds, which are in the Federal Treasury account at the Central Bank, there are no state corporation funds in the financial system yet. That money, which will amount to at least 400 billion rubles, will represent a cheap source of liquidity in the banking system as capital leaves Russia in coming months.
www.kommersant.com
All the Article in Russian as of Feb. 06, 2008
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