Far East Development Fund has not begun working, Vladimir Putin says

The Far East and Baikal Region Development Fund has not begun working, Russian President Vladimir Putin said at the meeting on state support for priority investment projects and priority development areas in the Far East.   

“As you recall, two years ago, we created the Far East and Baikal Region Development Fund, managed by Vnesheconombank (the Bank for Development and Foreign Economic Affairs). However, it basically has not begun working: the funding – somewhere between 15 and 20 billion rubles – is still sitting in the deposits. Meanwhile, we need this kind of financial instrument”, the President said.