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The European Bank for Reconstruction and Development said Monday it may invest between $500 million and $1 billion in Russia's high-tech sector over the medium term.
The announcement comes after the bank's president Thomas Mirow signed a memorandum of understanding with Anatoly Chubais, the chief executive of the Russian Corporation for Nanotechnologies, or Rusnano, a $5 billion government fund to develop a Russian nanotechnology industry.
"Both parties are keen to attract investments to this promising segment of the Russian economy, including through equity funds, export credit agencies, Russian and international financial institutions, as well as private investors," the EBRD said in a press release.
About European Bank for Reconstruction and Development
The EBRD, which was set up in May 1991, facilitates investment to help develop market economies and democracies from central Europe to central Asia.
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