Rostec, China CYTS to create $500 mln IT investment fund

Russia wants to boost investments in its domestic IT sector.

Russia wants to boost investments in its domestic IT sector.

Mikhail Japaridze/TASS
The fund will finance high tech projects in Russia.

RT-Business Development, a subsidiary of Rostec, and China’s CYTS Industrial Development will create a $500 million investment fund for the financing of Russian IT and high tech projects, Rostec said in a statement on June 9.

The investment projects should receive preliminary approval from Russian and Chinese partners, as well as experts from international agencies.

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