OREANDA-NEWS. The Head of the Ministry of Economic Development of the Russian Federation Gherman Gref considers that the first venture funds in Russia will start operation in the summer of this year, ITAR-TASS reported.

“I can assume that the first funds will start real operation in June-July”, he said. Gref also has noted that the results of the first competition of operating companies will show how many venture funds are to be created, and also by results of the first competition the decision could be accepted whether 10 billion roubles allocated for increase in the authorized capital of the Russian venture company will be used this year.

Gref also noted that there is an interest to competition. “I know that there are Russian participants, who are waiting for announcement of the competition, I saw the big interest from foreign participants”, he said. However, the minister noted that there is a long road to pass between the report on intentions and real investments and I would not predict the results”.