Kama Fund First to be closed

Kama Fund First was created by State Corporation RUSNANO to activate innovation development of Perm Region, the expansion of venture financing instruments and to increase the design base of RUSNANO. The target size of the fund was two billion rubles, but the new government of Perm Region decided to close the project because of some financing issues.

The Minister of Industry of Perm Region Alexander Tartakovsky announced it today at a meeting of the Infrastructure Committee of Legislative Assembly of Perm Region.

Recall, that three parties were to participate in the creation of Kama Fund First - RUSNANO (this state-owned corporation committed to transfer 750 M RUR to the fund), the Government of Perm Region (750 M RUR) and Nanostart AG managing company.
According to deputy Yuri Borisovets, only regional authorities discharged their liabilities [the transfer of funds to the fund], and therefore it was decided to stop working in that direction.