Russia commits billions to help infrastructure

Infrastructure spending in Russia will be boosted after the country’s Development Bank received nearly $US 7.5 billion. The government allocated the money for new projects.

Russia's Prime Minister Viktor Zubkov says the sum will be allocated from the country's Stabilisation Fund.

The Fund, primarily used to protect the economy from excessive inflation, stores the taxes collected from oil exporters, and is worth nearly $US 150 billion.

Around $US 12 billion from the windfall fund will be invested in development institutions by the end of the year.