Russian cabinet to discuss intl financial center program in February - Medvedev

The Russian government will debate a program intended to help establish an international financial center in the country in February.

"The government will discuss a state program for developing the financial and insurance markets, as well as establishing an international financial center in the near future, in February," Prime Minister Dmitry Medvedev said.

Such a center will require a firm regulatory framework and high standards of corporate governance, the prime minister said.

Certain infrastructural issues should be resolved as well, he said.

"As a matter of fact, what is important is the center's physical infrastructural - a place where it will be located," he said.

"We need to think about the location of key parts of the center. Different options are possible," Medvedev said.

Some of these options propose using the existing infrastructure or "placing the center's components compactly," he said.

"In any case, one needs to bear in mind the following aspects: one needs to look at organizational mechanisms and the project's timeframe, and we also need to decide on financial sources," the prime minister said.

Medvedev asked specialists to analyze whether investment can be secured and determine mechanisms for involving federal, regional and local authorities in the project.

"And, finally, we need to think how this entire idea is going to work," he said.

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