Russia's direct investment fund mulls projects worth $6 bln

Russia's direct investment fund, set up to lure foreign investment to modernize the Russian economy, is examining projects worth a total of 180 billion rubles ($5.6 billion), Prime Minister Vladimir Putin said on Thursday. "The portfolio of the managing company of the Russian direct investment fund already includes projects worth 180 billion rubles," Putin said at a meeting of the supervisory board of national development bank Vnesheconombank. The projects relate to energy efficiency, logistics and agribusiness, Vnesheconombank said. Russia's direct investment fund was established in June 2011 to co-finance investment by foreign funds and companies in Russian projects and is managed by Vnesheconombank. Russia's sovereign fund, which will have a capital of about $10 billion contributed by the federal budget, is expected to attract from $60 billion to $90 billion in foreign investment within five years.