Deputy General Director for Economic Security of Ust-Luga Company Yuri Illarionov was appointed Deputy Chief Executive Officer of the Russian Direct Investment Fund (RDIF), Ust-Luga Company said.
"The experience Yuri Illarionov has gained during the construction of Ust-Luga port , Russia’s largest project, will enable him effectively meet the challenges facing the new structure," Ust-Luga General Director Maxim Shirokov said.
The Russian Direct Investment Fund is a new $10 billion fund established by the Russian government to make equity investments primarily in the Russian economy.
In all of its investments, the fund is mandated to co-invest alongside some of the largest and most sophisticated investors globally – thus acting as a catalyst for direct investment in Russia.
The fund was created in 2011 under the leadership of both President Dmitry Medvedev and Prime Minister Vladimir Putin and will be managed by a highly qualified team of private equity investors with broad international and Russian experience.
The Management Company of the Fund is a 100% subsidiary of Vnesheconombank (VEB), Russia’s state development bank, and will operate according to international best practices of investment governance.
JSC Ust-Luga Company was established in 1992 for the construction on the Baltic Sea the port of Ust-Luga. The company also is responsible for integrated social and economic development of the area adjacent to the port.