OREANDA-NEWS. The Russian government has instructed three ministries to develop a mechanism of funding the program Digital Economy together with Vnesheconombank (VEB). The Bank’s Supervisory Board will consider these issues in October.

VEB together with the Ministry of Economic Development, the Ministry of Finance and the Ministry of Communications and Mass Media will draft proposals on the scope and mechanisms of financing high-tech and innovative projects within the Digital Economy program. The Supervisory Board of Vnesheconombank, which is scheduled for early October 2017, will consider the proposals.

p> Sergei Gorkov, Chairman of Vnesheconombank, said: «It is important now to identify priority projects and form financing instruments. VEB has a wide range of instruments and competencies in the field of high technologies. The Bank launched the process of creating world-class competence centers in key technological areas together with major research centers, universities, and corporations. In September, we will open the first center focused on blockchain, convergent, and quantum technologies at the National University of Science and Technology MISIS. We plan to create a group of investment funds with external financing from both Russian and foreign investors. VEB provides a comprehensive approach to the Digital Economy program. Therefore, the Bank and its subsidiary company «VEB Innovations» will play a crucial role in this program».