Prime Minister Vladimir Putin has announced that Rusnano will invest RUB 40 billion ($1.25 billion) in nanotechnology projects this year, up from the RUM 28 billion in funding announced in May. This amount will represent half of the funding for the 50 projects the state-owned corporation is expected to approve this year. Observers note that the increase comes after criticism that the country’s nanotech sector is developing too slowly. The increase is expected to drain Rusnano’s funds, as Rusnano will also return RUB 85 million to the government later this year to help the country make up a budget shortfall. However, Mr. Putin has also approved Rusnano’s plan to issue bonds by the end of the year.

Source: The Moscow Times