MOSCOW, February 29. /TASS/. The capital of Russia’s Industrial development fund will be increased by a total of 300 bln rubles ($3.3 bln), with its activities targeted on supporting high-tech projects, President Vladimir Putin said in his State of the Nation Address to the Federal Assembly (parliament).

"The Industrial development fund will be increased by 300 bln rubles. Its capital will be almost doubled and it will be targeted on supporting high-tech projects," he said.

Moreover, the president requested speeding up the launch of special treatment of IPO for Russia’s high-tech companies in prior sectors of the economy.

"It is necessary to launch special treatment of initial public offerings of shares of companies operating in prior, high-tech areas. I draw the attention of colleagues in the Finance Ministry and the Central Bank that it is necessary to speed up the launch of this mechanism, including compensation of costs on placement of securities," he said, adding that "Russia’s stock market should intensify its role as a source of investment.".