Russian entrepreneurs will now have access to up to $US10 million each to develop new technology, after Russia's VTB Bank and the European Bank for Reconstruction and Development signed a deal for a new Venture Fund.
The venture fund will invest in companies which specialise in information technologies, the internet and bio and nanotechnologies. EBRD is putting up $US 25 million and will get a 20% share in the $US 120 million.