Govt to give Rostec 21.5 bln rbl to develop own 5G ideas by 2024

MOSCOW, Jun 30 (PRIME) -- Russia’s Digital Development Ministry has signed an agreement to subsidize state corporation Rostec with 21.463 billion rubles as an asset contribution till 2024 to develop 5G, Rostec said on Wednesday in a statement.

“(The agreement) will enhance the creation of a local comprehensive solution for mobile connection of the fifth generation in Russia,” the statement read.

The money is allocated to develop a project to manufacture 5G/IMT-2020 equipment and ensure its mass production.

Deputy Prime Minister Dmitry Chernyshenko said the mobile connection technologies are the basis of the digital economy, and it is extremely important for the country to have own solutions of 5G and further generations.

“The agreement with Rostec as the leader among the Russian technological companies will help consolidate efforts of the industry in this area and receive a local comprehensive 5G solution in 2024. Under the roadmap, investment in the project will amount to about 43 billion rubles, and 21.463 billion rubles of them will be given by the federal budget,” he said.

(72.3723 rubles – U.S. $1)

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