MOSCOW, April 21. /TASS/. Russia will establish the Cultural Initiatives Foundation, which will deal with projects on presidential grants in the field of the arts and creativity, Russian President Vladimir Putin said on Wednesday during his annual State of the Nation Address to the Federal Assembly.

"In order to support projects in the field of culture, the arts and creativity, we will create the presidential Cultural Initiatives Foundation. As early as this year, we will finance more than 1,500 creative teams on a competitive basis through its grants," the head of state explained.

At the end of last year, Putin signed a decree increasing the amount earmarked for grants in the field of culture and the arts to 8.46 billion rubles ($110.7 mln) per year. Initially, the total amount of such grants equaled about 8.19 billion rubles ($107.2 mln).