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Russia and Mongolia will establish a join fund for investment cooperation, head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told reporters on Tuesday.
"Today, the Russian Direct Investment Fund is signing an important agreement with the Mongolian Investment Fund on the establishment of the Russian-Mongolian Investment Cooperation Fund," he said.
The fund’s goal is to significantly increase the volume of investment cooperation, TASS reports.
"Now it’s literally tens of millions of dollars a year, but we believe that it can be hundreds of millions of dollars a year," the head of the RDIF noted.
Currently, more and more Russian-Mongolian projects emerge in the field of new technologies and transport infrastructure, and this joint fund "will help Russian companies to better cooperate with Mongolian ones," he added.
At the signing ceremony President Vladimir Putin said that the countries intend to jointly implement new projects, including in infrastructure, mining, energy, and agriculture.]
"The intergovernmental commission on trade, economic, scientific and technical cooperation is actively engaged in this. These projects will be financed by the Russian-Mongolian Investment Cooperation Fund. The agreement to create this fund was concluded by Russian Direct Investment Fund and its Mongolian partners during our visit. I would like to note that the investments will be made mainly in the national currencies of our countries," the Russian President said.
Mongolian President Khaltmaagiin Battulga noted that the parties "are interested in carrying out large joint projects," and proposed creating a high-level joint working group for large-scale economic and trade studies.
Founded in June 2011, RDIF has the goal to make investments primarily in Russian enterprises together with leading foreign financial and strategic investors. To date, RDIF has implemented more than 70 projects with a total volume of over 1.5 trillion rubles ($22.4 bln), covering 95% of the regions of the Russian Federation.