RDIF, Mubadala exit from digital inequality bridging project

Prime, 21.02.2020

MOSCOW, Feb 21 (PRIME) -- The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and Mubadala Investment Company (Mubadala), the United Arab Emirates’ sovereign wealth fund, have withdrawn from the project of bridging digital inequality in Russian regions, RDIF said on Friday in a statement.

“The project to eliminate ‘digital inequality’ is an example of successfully focusing infrastructure investments in order to digitalize the whole country, in line with the national goals and strategic objectives approved by the Russian president. Funds, attracted from foreign investors and the National Wealth Fund to finance the project, made it possible to accelerate the process of connecting small towns to the Internet,” RDIF CEO Kirill Dmitriev said.

The project has been implemented in partnership with Russian state-controlled telecom operator Rostelecom since the end of 2014. RDIF and Mubadala are now exiting from the project as it reaches the end of its investment period.

During five years of the projects, as of the end of 2019, 11,100 access points providing free broadband Internet were commissioned in 83 regions across Russia, and over 85,000 kilometers of fiber-optic lines were laid.