The Russian government should ditch its sovereign fund, which it is creating to lure foreign direct investment, in seven to eight years, President Dmitry Medvedev said on Wednesday.
“The state must not take part in the management of such a fund and must necessarily guarantee withdrawal from the company’s capital in about seven or eight years…
The fund will be managed by a team of investment market professionals,” Medvedev said.
The fund’s managing company will be assigned the task of ensuring an inflow of new investment at least five times the size of the fund, he said.
“This is an ambitious goal but I believe it is realistic, considering the scope of our economy,” Medvedev said.
Russian authorities plan to create a direct investment fund with foreign participation to invest in hi-te…