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Putin urges VEB to be operator of key investment projects

The Russian Direct Investment Fund (RDIF) should involve new investors, Putin said

MOSCOW, July 10 (Itar-Tass) - President Vladimir Putin has proposed Vnesheconombank (VEB) to become an operator of three infrastructural projects - to build the Moscow-Kazan high-speed trunk railway and the Central Circular Road, and to modernize the Trans-Siberian Highway.

A total of 450 billion roubles are expected to be provided to carry out the projects. The Russian Direct Investment Fund (RDIF) should involve new investors, Putin said at the meeting with VEB Chairman Vladimir Dmitriev on Wednesday.

“VEB can be an operator of the projects and the RDIF can work to involve our partners from other investment funds to take part in these projects,” the Russian president said.

“You must reach agree with the Russian Direct Investment Fund because we’ll include this institution in this work. It is necessary Vnesheconombank and the Russian Direct Investment Fund to play their role. We should think what institute and in what aspect we can attract in these projects,” Putin said.

“The amount of 450 billion roubles [I mentioned about this at the St Petersburg International Economic Forum] is only initial capital because each project needs more funding,” the president said, adding that initial capital would help promote these projects.

“That is why it is necessary to choose the optimal way to make the project lucky. Of course, your financial institution can play a very positive role. I hope for this,” Putin told the Vnesheconombank chairman.

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