MOSCOW, Mar 17 (PRIME) – Russia can start financing projects with money from the National Wealth Fund can start in the first half of the year, Finance Minister Anton Siluanov said on Wednesday.
"There is already an order on the list of projects, we will adjust the forecast in the spring, and then define the list of projects and will launch financing in the first half of the year," Siluanov said.
He said that the Economic Development Ministry was adjusting the social-economic development forecast to make sure that the income of the fund exceeds 7% of the gross domestic product (GDP) in three years.
The funds must be invested in cost-effective projects, firstly in infrastructural projects like the Moscow–St. Petersburg high-speed train line, the minister said refusing to disclose the list of projects to be financed.
The government prepared new investment rules but if there is no time to approve them, the current rules will be implemented.
Siluanov also said that the Finance Ministry is trying to cut the share of the U.S. dollar in the structure of the fund and does not rule out investing in gold, but has no plans to add new currencies.
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