RDIF and CIC to invest in Russia-China Science and Technology Innovation Fund
Moscow. June 5, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and China Investment Corporation (CIC) are to invest in a joint Russia-China Science and Technology Innovation Fund with a target capital of $1 billion. The agreement was signed today by the Ministry of Economic Development of the Russian Federation and the Ministry of Science and Technology of the People's Republic of China in the presence of the President of the Russian Federation Vladimir Putin and the President of China Xi Jinping.
In 2012 RDIF and CIC established the Russia-China Investment Fund (RCIF), which to day has over $7 billion of investment with partners in more than 30 projects. Over the years of its existence RCIF has become the key link in the development of investment cooperation between the Russian Federation and the China.
Participation in the newly-created Russia-China Science and Technology Innovation Fund is in line with RDIF strategy aimed at attracting foreign partners to creation and development of the technological investment ecosystem in Russia and is based on the successful RDIF experience in the launch of joint investment platforms with Chinese partners.
The Russia-China Science and Technology Innovation Fund is established for supporting projects aimed at the development of new technologies in core sectors of the Russian and Chinese economies with further focus on market commercialization . The fund attracts attention to the growing possibilities of technological exchange between Russia and China and the development of cross-border innovation projects implemented by Chinese and Russian enterprises. The fund operates on a commercial basis with market orientation.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“The Russia-China Scientific and Technology Innovation Fund expands the range of interaction with our Chinese colleagues. We expect that the activities of the Fund will make a significant contribution to the development and implementation of the most advanced technologies and solutions for further growth of the economies of both countries”.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB 1.5tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 700,000 people and generate revenues which equate to more than 5% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40bn. Further information can be found at www.rdif.ru
For additional information contact:
Arseniy Palagin Maria Shiryaevskaya / Andrew Leach
Russian Direct Investment Fund Hudson Sandler
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