Russia could invest $13.7 billion from ‘rainy day fund’ on infrastructure by 2023: finance minister

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FILE PHOTO: Russian Finance Minister Anton Siluanov attends a meeting with members of the government in Moscow

MOSCOW (Reuters) – Russia could invest 1 trillion roubles ($13.7 billion) from its National Wealth Fund on infrastructure projects between 2021 and 2023, Finance Minister Anton Siluanov said on Wednesday.

Siluanov said the National Wealth Fund, a cushion accumulating Russia’s oil revenues, could begin investing in infrastructure as early as the first half of this year.

“The government is working on amendments to the budget code on new rules for investing the National Wealth Fund in projects and we hope that they will be confirmed soon,” Siluanov said.

He said the investment of 1 trillion roubles into infrastructure over three years – part of a plan to boost the economy which has been hit by the COVID-19 pandemic – was a “conservative estimate”.

($1 = 73.0850 roubles)

(Reporting by Darya Korsunskaya; Writing by Alexander Marrow, Editing by Timothy Heritage)