MOSCOW, July 21. /TASS/. Around 70 projects with total investments of 2 trillion rubles ($25.48 bln) have been approved under the Cluster Investment Platform mechanism, operated by the Industrial Development Fund, whose activities are coordinated by VEB.RF on behalf of the Russian Industry and Trade Ministry, head of the fund Roman Petrutsa announced this at a meeting with Russian Prime Minister Mikhail Mishustin.

"To date, around 70 projects with a total investment budget of 2 trillion rubles have been approved under the Cluster Investment Platform," Petrutsa said.

As one example of a project financed both by the fund and through the investment platform mechanism, Petrutsa cited the construction of a modern train for Russia’s high-speed railway.

"In addition to financing the Urals Locomotives plant, where the train is being built, we are now adding companies supplying components for this large and strategically important project to our portfolio. We also found that among the overall list of component manufacturers, there are around ten enterprises that we financed in previous years. They are now using modernized equipment at their facilities to produce components for the country's landmark high-speed railway project," he added.

The fund’s head also said that the Fund’s current work is directly linked to the updated national projects launched in 2025. In particular, the fund is responsible for their technological agenda and gives priority under its flagship support program to products listed in the technological cooperation roadmaps developed under the national technological leadership projects.

The Industrial Development Fund was established in 2014 at the initiative of the Russian Industry and Trade Ministry to modernize Russian industry, launch new production facilities, and support import substitution. The fund’s programs enable Russian companies to obtain access to preferential loan financing needed to launch production of unique domestic products as well as Russian counterparts to advanced international technologies.