Russia and Japan set up $902 million investment fund

Russia and Japan set up $902 million investment fund
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Russia and Japan plan to establish a joint investment fund with a capital of $902 million to finance crucial infrastructure projects, Nikkei newspaper based in Tokyo reports.

Earlier, the head of the Russian Fund for Direct Investments, Kirill Dmitriev, announced a possibility of such project on the sidelines of a summit of Asia-Pacific Economic Cooperation in Lima.

According to information available to Nikkei, the fund will be created by the Japanese Bank for International Cooperation (JBIC) and Russian Fund for Direct Investments. The funding on the part of both countries will be a matched one. Japan and Russia will make approximately equal investments.

The funds will be allotted mostly to financing projects in the field of medicine, urban construction and enterprises’ upgrading.

The investment fund is scheduled to start its operation in the year of 2017.