Skolkovo secures $4bn state funding until 2020

Skolkovo secures $4bn state funding until 2020The Skolkovo Foundation will receive another $4.1bn shot in the arm from government coffers between now and 2020.

The Skolkovo Foundation, which manages Russia?s largest state-sponsored innovation hub under construction outside Moscow, will receive another $4.1bn shot in the arm from government coffers between now and 2020, East-West Digital News, the international resource on Russian digital industries, reported earlier this week. The decision, which might signal the technopark?s return to political favor, was made last week at a Russian government meeting presided by Prime Minister Dmitry Medvedev. In a separate statement, Skolkovo Foundation president Viktor Vekselberg said last Thursday that by 2020, Skolkovo ?expects to raise more than $11bn in private investment.? The Skolkovo program will not tap government finance ?after 2025,? he added. Vekselberg also forecast that as a private-public partnership ?capable of paying for itself? by 2020 Skolkovo will contribute to Russia?s economy ?about $6.5bn worth of products and services.? Seventeen years from now, when the Skolkovo program is expected to be running at full throttle, the Foundation president hopes the ?innovation city? will add ?up to $45bn to the national GDP.? The news came just in time to dispel widespread rumors of an ?imminent demise? of what some pejoratively call ?Medvedev?s pet project...