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17 Feb, 2012 12:46

Russia moves mountains to get investment

As the saying goes “If the mountain doesn’t come, then go to the mountain”. So that’s just what the Russian Direct Investment Fund (RDIF) did.

RDIF invited global investors who look after funds worth $1 trillion to see what Russia outside Moscow has to offer.Managers from Apollo (US), CIC (China), Caisse des Depots (France), Goldman Sachs (US) headed to Ekaterinburg in the Russian Urals to see where their money can be used. “We like the industrial business, we like the basic industries, those who could serve the broader economy,” said Michael Jupiter from Apollo Management International.RDIF, was established in June 2011, and plans to capitalize with $10 billion in Russian government funds over the next five years to make equity investments in the country. It also plans to attract foreign funds, and organizing their meeting with local government officials was one of the first steps. “For us it’s about stability of the rules, and really making sure there is support from local government for the international investment. Because there are countries that prefer domestic investors,” said Michael Jupiter.Tatyana Polyakova has the details of what the foreign investors have been looking for in the middle of Russia.