OREANDA-NEWS. December 08, 2011. Sistema JSFC (“Sistema”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, announces that it has signed a cooperation agreement with OJSC RTI and the not-for-profit Foundation for Development of the Centre of Research and Commercialising of New Technologies (the “Skolkovo Foundation”), reported the press-centre of Sistema.

The agreement, which is not legally binding on the participants, is intended to promote long-term strategic cooperation between Sistema and the Skolkovo project, facilitating the further development of Sistema’s high-tech assets.
 
In accordance with the agreement, RTI, Sistema’s subsidiary specializing in innovative and high-tech sectors, will participate in a development programme for the Skolkovo project to implement joint high-tech initiatives. In particular, the parties to the agreement anticipate that by 2015 an RTI R&D unit will be established in Skolkovo with a budget of up to               RUB 1 billion. RTI will also participate in the formation of a fund for the benefit of Skolkovo Institute of Science and Technology (SIST).
 
The parties of the agreement also plan to create an RTI corporate venture capital fund with a budget of up to RUB 1 billion to invest in start-up companies which have been designated as Skolkovo Participants during 2012-2015. Skolkovo Participants will also be able to utilise the facilities and infrastructure of Sarov, Sistema’s technology park, on favourable terms.